Score One (In This Case, Several) for the Underdogs: Editor's Column
The theme of the news this week has been underdogs winning their battles by scrapping it out for what’s right. From credit unions to regulators, these unexpected victors deserve to bask in their spoils of the moment.
Everyone believes their causes are the most deserving, and credit unions are no exception. All 331 credit unions applying to the NCUA’s technical assistance grant program pleaded their cases for a total of $5 million but ultimately the NCUA’s fund only had so much in funding. Between $1.25 million in congressional funding and some extra funds from last year, the NCUA was able to award $1.4 million to deserving credit unions—the program’s highest grant total ever.
Technology has been the great equalizer in the financial services market for the past decade or more and as mobile banking continues to grow in popularity that trend will continue forward. Online and mobile banking has bolstered credit unions’ convenience ratings, a report by Chadwick Martin Bailey found.
Ten years ago consumers who valued convenience went to banks while those who valued service sought out credit unions for their financial services needs. In the most recent study just as many credit unions members used online banking as bank customers, so they no longer have to choose between service and convenience by going with credit unions.