Editor’s Column: All Hail the Victorious Underdogs
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 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 grants ever.
Just 58% reported that a nearby branch was important, compared to 50% who reported that online services were key to convenience. In addition, 85% of credit union members were pleased with their credit union’s online and mobile services. Just 66% of large bank customers rated their experience as satisfied and just 55% of community bank customers and still fewer (53%) of regional bank customers reported being satisfied with their online and mobile banking experiences.
Where does that leave the banks other than competing on price, which is a losing game? Score another one for the underdogs!