LAS VEGAS -- Robert Redford's character deciding to fight off a band of unknowns rather than jump off a mountain cliff into a stream may provide credit unions with an example of how embracing the unknown can be a good thing.
NACUSO President/CEO Tom Davis used the iconic scene from "Butch Cassidy and the Sundance Kid" to drive home that point at the association's annual meeting this morning. Redford's character grudgingly admitted to not being able to swim before going with his instincts and making the leap. Davis discussed how finding out what the "other guys" are doing to create a competitive advantage can be useful.
The urgency continues to be timely as banks still dominate financial services market share at 87.71% while CUs have only captured roughly 6%. Thrifts make up the remaining 6.3%.
"The credit union industry has no unifying vision," Davis said. That lack is critical since the number one challenge to the industry is sustainability and survival, he pointed out. The "so what" of it all is CUs "are the few caring people who can help change the industry."
"What we are doing for today is not just for today," Davis said. "What we do in this industry now will echo in eternity."