Wednesday, I had the honor of speaking at the 75th Anniversary of the Federal Credit Union Act Symposium hosted by the Honorable Gigi Hyland from the NCUA. I was asked to discuss what I thought credit unions needed to focus on to make sure the next 75 years are as good as, or better than, the last.
There were many things I wanted to discuss, but only 15 minutes were alotted to each speaker on my panel before it was opened up to Q & A. So, I focused on communications, attracting new markets, forming new credit unions, and relevancy.
9 comments:
Wow. Thanks for posting this Matt. Congratulations, this is a fantastic presentation.
Great stuff, really great. I think your expression 'economies of scope' are of prime importance to all of us in the CU movement. Without relevance we are just treading water and you have pointed to a number of areas of action. Thx again.
How did I miss "Change Agents"? What a wonderful idea! Thanks for sharing your presentation.
You know what I loved most - the dismount. Perfect ending. Maybe we can't make KFC run out of chicken - but we sure can make banks run out of customers!
Go Warrior!
A perfect 10!
And that is why you are the credit union warrior.
Keep on fighting. We need you.
Matt, thanks for championing the credit union movement and helping us to position for the next 75 years!
Imagine if Credit Unions were franchises where all the backroom stuff (online banking, compliance, etc.) is handled at a centralized core (everyone can text their balance - $5 million in assets or $5 billion in assets) and affinity marketing / relevancy marketing and product development (loans geared to motorcycle riders, environmentalists, etc) is handled by those who know their members.
Now, that would be chicken.
Hmm. Okay, bad metaphor. But you know what I mean.
Winter
Thanks for posting! This is a really nice presentation.
The only credit union that has the smart models are the ones in Canada. VanCity has a great business model and they are socially and ethically responsible. If you speak of the credit unions in the U.S. and the recent happening of the "bank" for credit unions (you know what I mean), US CU's are in trouble. Especially the small ones. Doesn't matter if you are federally chartered or not. Look at furlows, look at the economy. No one has money to invest. If they do,they ar rate sensitive and CU's give the "bank" away with their high rate CD promos. No real "interest income" when the do this. No real loyalty.
The expertise from small credit unions are that. SMALL. Though it is a nice "family" environment, the education to the staff at US Credit Unions could be better.
Canada, on the other hand - like I said in he beginning is much better with their ongoing education to their staff and their business model is much better.
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