Rich Weissman, president/CEO of DMA Institute Think Tank, suggested that credit unions and community banks have a leg up on big banks in a number of areas during a recent Webinar hosted by the group.
During "Community Banks vs. Credit Unions: What Each Can Learn From the Other," Weissman commended community banks for recognizing the high profitability potential of high-touch small business markets ignored by big banks. He also praised credit unions for doing the same with retail markets. And, according to Weissman, credit unions and community banks both have a broader cross selling perspective and greater capacity to manage credit risk than do big banks.
The current economic climate of big-bank meltdowns has produced a flight to safety as consumers recoil from complex investment and lending structures, Weissman said. He added that they are now willing to make certain trade-offs-for example, sacrificing convenience for better pricing, speed for quality service and trendy products for group inclusion. Credit unions and community banks should focus on taking share from the big banks by positioning themselves as the "anti-banks" and the "good guys" of the financial services industry.
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