Amplifying Innovation Through Collaboration
Collectively, credit union results are improving and that’s a positive sign. However, there are far too many of us who are not growing and are frankly just trying to survive.
To survive in a more and more unpredictable environment and to thrive in economically difficult times, credit unions must reinvent themselves. Internally, credit unions have to wisely leverage internal and external resources and encourage creativity and collaboration. Externally, they must learn how to serve changing consumer demographics in a hyper-competitive financial environment.
Adapting to serve this group – with the products and services they seek – presents new opportunities for credit unions:
- Products and services that serve a growing demand
- Target market in which smaller credit unions can compete and win
- Higher loan yield and fee income
- Increased membership growth
- Increased opportunities to collaborate and partner (i.e. community partners, CDFIs, SEGs)
For some, microfinance products, small balance consumer loan and transaction services may be just what the doctor ordered for smaller credit unions struggling with membership, loan and revenue growth. What’s in it for the larger credit unions?