Meeting a Members’ Request for Change
by. Roy Page
As not-for-profit organizations, credit unions tend to view themselves as distinct from other types of businesses. This mindset can potentially be used for competitive advantage, yet for many credit unions it translates into slow adaptation to changing consumer demands and market conditions. To remain relevant, credit unions must be open to embracing a level of self-awareness that enables competitive positioning, greater efficiency, and more compelling member engagement. There are four key components of the standard credit union business model where applying lessons learned by other industries can have game-changing results.
The credit union industry is much like other legacy enterprises: product offerings have been the same for generations, there is fierce direct and indirect competition, and pressure from regulators compounds the day-to-day challenges of maintaining a stable bottom line.
Surviving the financial meltdown of the past decade has taught us many things, most importantly that traditional approaches to business strategy will not be enough.
continue reading »To survive and flourish, credit unions will have to be lean, focused and willing to embrace change in four key areas: competitive advantage, delivery channels, organizational data and human capital.
