Credit union industry disruption: NACUSO 2015 – Part 1
by: Paul Ablack
I had the opportunity to attend NACUSO 2015 in Orlando last week. NACUSO is a great conference to interact with other thought leaders in the credit union industry to make valuable business connections. It is the essence of the “credit union movement”, a group of talented industry leaders looking for ways to collaborate to make the industry stronger.
From the perspective of addressing the competitive issues facing the industry, I think last week’s conference will go down as one of the best yet. There were two themes that featured prominently for most of the folks that I had a chance to talk to: Credit Union Industry Disruption and Predictive Analytics (The FICO Score is Dead). To adequately cover both of these themes, I have created a two part series. This first part will focus on industry disruption.
John Lass, Lass Advisory Services (www.cunamutual.com) gave a presentation on Disruption: Are We Next? in which he highlighted “game changers” in history. These “Innovative Disruptors” overtook or completely eliminated industry leaders in a matter of a few years. Lass stated that we typically see the full effect of game changers, “not when a concept or product is invented, but when it is broadly adopted- that’s when things really change.”
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