Today's reality: Ferocious competition. Ever-narrowing margins. Climbing costs. Near-zero growth. Number of CUs declining. (click to see current Industry Overview) In the face of all this we see three critical strategic intentions that credit unions must— yes, must— commit to:
1. Re-establish market relevance…as HELPING places!
Credit unions are helping places…banks are selling places! This vital distinction must come across— loud and clear! (Here's More)
2. Strive For “High Performance” status!
Credit unions with more accounts-per-member generally show much higher ROAs. (See The "HP" Advantage.) Is your credit union on the “HP” list? It definitely should be! (click to see the list)
3. Go, Go, Digital!
The Internet IS the future for retail banking! And it will enable you to do more for members at much lower cost… while emphasizing your critical market distinction—as a helping place.
Yes., everything is changing. And it’s not about to stop! But in all of this, there are many great opportunities for credit unions.