The dinosaurs didn't have the brains or the tools to see itcoming, but credit unions do. Fiserv's Mark Sievewright discussed ISIS among other threats to creditunions last week at the New Jersey Credit Union Leagues' RealityCheck (see coverage, page 6). CUNA Mutual's John Lass toldattendees that CUs are under a serious threat as financial deliveryservices evolve rapidly, and at least in the ISIS case, creditunions aren't even at the table. CUNA Mutual was working onthat.

Several interlocking pieces to this puzzle can help CUs getinvited rather than an afterthought. 

First, there's the principle of “fake it, 'til you make it.”Convince yourself you're as good as you think you are. Then, ifyou're not there, get there fast. Credit unions have long sufferedfrom self-esteem issues. Many, though not enough, are beginning toemerge from that mindset. Those that are, keep working at it. Therest, please speak out. If the industry isn't included at the tableof something as monumental as ISIS, dramatic (tragic?) changes tothe community lie ahead.

The U.S. in general is behind its global counterparts when itcomes to technology such as chip and PIN and mobile banking.Consumers in less-developed countries use more advanced financialservices technology than the U.S., which continues to sit aroundwaiting for things to happen because the average U.S. consumerdoesn't experience the same urgency. CUs in rural areas of Mexicoprovide services via a full-service credit union in a backpack.With technological and generational shifts, U.S. consumers willjump on board in a hurry, and CUs can't afford to miss thatboat.

According to Sievewright consumers in the next decade willmeasure service quality by how much they can do for themselves. GenXers had mothers who became mothers during the 1960s-70s wave offeminism. More women went to work. We were the original latch-keykids. We're independent. Many of us grew up with computers in ourhomes. And right now, we're also rising up the ladder of ourcareers. We need mortgages, car loans and will shortly need studentloans, and we want to be able to do it all online or from our cellphones, which we've had since we were 16, because we work 60-plushours a week. If you've already missed us, not only have you misseda group ripe with income potential for financial services, you'vemissed a fertile training ground in the technology arena.

Gen Y, the Millennials and each younger generation will requiremore and different technology from their financial servicesproviders, whether that's a credit union or eventually VerizonWireless. The window of time to jump in and immerse your creditunion in the evolution of technology or get out is narrowingquickly. Every business, from credit unions to newspapers, needs toface reality and not cling to what we think they should be. Ofcourse, principles like proper underwriting and accuracy,respectively, must be upheld, but we need to figure out how tocontinue adapting to evolving technology and consumer behavior.

Another demographic for credit unions to focus on is women.According to the blog She-conomy, American women spend about $5trillion each year, which is more than half the GDP. Women buy morethan half of the new cars, influence up to 80% of all carpurchases, 22% shop online at least once a day (there'sthat pesky technology again), and 92% pass along information aboutdeals or finds to others. Each of these points can translate intolending and membership opportunities for credit unions.

Leaders of head-hunting firms have indicated that the beginningof the credit union CEO brain-drain is upon us. Top credit unionexecutives will become younger over the next several years and helpcredit unions to further adapt to the changing financial servicesenvironment. 

Credit Union Times isn't standing idly by either. Lastyear, we created the Trailblazers 40 Below program to recognizerising credit union talent and get them recognized by currentcredit union leaders as they proceed with succession planning.Building upon that momentum, we're hosting our first Not for CEOsevent, March 20 in D.C. We've invited a variety of credit unionleaders to lead a discussion on career development and leadershipfor younger executives. We will host a live audience that willpepper the execs with questions as well as live streaming the eventat CUTimes.com/NotforCEOs. We'll also take questions via the#NotforCEOs hash tag on Twitter. The next generation of creditunion leaders will be nothing like the last and their primarysource of credit union news can't be either.

As Lass said at the NJCUL Reality Check, credit unions are at astrategic crossroads and need to face facts. They must makedecisions on what they will excel at and what they will not. Youcan't be all things to all people. It sounds simple and evencondescending, but the decision really does boil down to justthat.

Finally, one thing no credit union can afford to do poorly ispublic relations, which is–as I started out this column writing–howto get your credit union noticed. Take note of the credit unionsand others that regularly appear in Credit Union Times oryour local press outlets. They get mentions because they generallydo good PR. Talk with them. Scale up or down proportionate to yourresources and get rolling.