The future of credit unions is community
Two weeks ago I gave the closing keynote at the Boards of Directors and Supervisory Committees Conference of the U.S. National Association of Federal Credit Unions in the beautiful Hawaiian island of Maui, on the topic of Profiting From Technology Trends.
The credit union sector in the U.S outperformed commercial banks after the financial crisis according to the very interesting ILO study Resilience in a downturn: The power of financial cooperatives, moving from 42.8% to 45.0% market penetration to a total over $1 trillion in assets, while in the same post-GFC period credit unions increased their market share in most other regions in the world.
However credit unions do not have the financial resources of major banks, and are challenged by the rapid pace of how technology is changing consumer financial services.
In my keynote I provided a very broad-ranging view of technology trends, bringing it back to implications and the action required for the financial sector.
However the key point I kept coming back is that the biggest opportunity for credit unions is in tapping the power of community, using technology to facilitate the very real community that credit unions already embody.
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