Guest Opinion: Healthy Rivalry Drives Loyalty
Competition is one the cornerstones of the business and economic world. Merriam-Webster defines competition “as the efforts of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.”
We face competition from many sources both internal to the credit union industry as well as externally including from banks, non-banks and other competing businesses. As with most things, there are two sides to the issue and healthy competition is a benefit to our members and our communities.