Are credit unions sustainable in today’s economy?

The term “dumpster fire” has become part of the daily lexicon of many credit unions, but how did we get here?

Yes, there’s COVID-19, but let’s be honest. While we may like to pass the buck on the pandemic, if we put under a microscope branding, leadership development, and succession management, perhaps there were already viruses within our organizations.

When things feel chaotic or out of control, it’s important to realize how much we do influence. If we were focused and prepared instead of reactive to the current climate, how tumultuous would things be for our credit unions? And are things really as bad as they seem?

This brings me to the area of sustainability. Too often our industry points to “technology,” “mergers” and “money.” Sustainability is not about playing catchup, more credit union consolidation, or “making it rain” – tossing more dollars at problems. To be a catalyst for systemic change, we must clear away the clutter, streamline processes and not be so narrowminded by what will lead us to success.

 

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