Putting credit union advocacy on the offense led to a successful 2018, CUNA President/CEO Jim Nussle said at America’s Credit Union Conference (ACUC) Tuesday, so how do credit unions stay on the offense in 2019? The continued use of credit unions’ “cooperative superpowers,” Nussle said, will continue to make the credit union difference stand out.
“We have in our DNA the track record and capacity to do amazing things,” Nussle said. “And our competitive superpowers are our best asset and our competitive advantage, as well as the building blocks of our movement, founded in our seven cooperative principles.”
Nussle also described the three “existential challenges” facing credit unions, attacks on the credit union model and the market being the first two. And the third?
“I hear too often about credit unions competing with other credit unions. You’ve seen the data. We have 7% of the market share, with 93% of the market an ‘empty blue ocean’ to go after,” Nussle said. “Banks and unregulated fintech is our competition, not other credit unions. It’s natural to be ambitious, competitive and intendents, we are simply not big enough to fight amongst ourselves. I know we’re fiercely independent but I want us to be fiercely cooperative as well.”
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