LAS VEGAS, NV (July 25, 2014) -- National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger emphasized the value of technology and how it can help credit unions compete in the modern financial services marketplace on the final day of NAFCU’s 47th Annual Conference and Solutions Expo at The Venetian Las Vegas Casino, Hotel & Resort.
Berger acknowledged that throughout the industry’s history, credit unions have focused on the needs and concerns of their members rather than profits or being the biggest, or the flashiest – like the bankers and the greedy Wall Streeters. However, he noted that in this era of “too big to fail,” technology is a different kind of development – a different kind of opportunity. “Technology is the great equalizer,” Berger said.
Specifically, Berger noted the rampant growth of mobile banking technology. He said, “Today 63 million people are using mobile banking on their smartphones, and in 2015 it will be 80 million.” Technology “is a competition where we really need to step up as an industry,” he said.
Berger said, “If your members – and the next generation of members – are going to keep coming to you, you need to offer them the same technological advantages and conveniences they can get everywhere else.”
In closing, Berger said, “Remember, technology will help us compete and will help us with our mission. You put your members first. You have earned their trust, and you give them value that no other institution can top. Combine this with the best that technology has to offer, and you will be unbeatable.”
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The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.