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LAS VEGAS -- Credit unions clinging to the traditional methods of doing businesses may get left behind as industries evolve in the social medial and international realm Pepperdine University Professor Gary Mangiofico said.
Speaking at NACUSO's annual conference this morning, Mangiofico shared his perspectives on holding on to models that some may think are the right ones but are in fact "irrelevant."
"Entire industries have been lost because of their inability to see," Mangiofico said.
The historical approach has been a company may have single source dominance, meaning "you own it, you control it," he said. That approach has come back to cripple firms like Goldman Sachs and Enron. The "future approach" is going after "opportunity share" or finding ways to compete.
"There is no empirical evidence that people are resistant to change," Mangiofico said. "What they are resistant to is what the changes will bring." He did acknowledge that the lack of trust is the number one challenge that hinders collaboration. Credit unions can look at an entity's motivation to determine if they should be worried about a hidden agenda, he noted.