Credit unions exist solely for the benefit of the members. It is a pure alignment of interest between the owners and users. The only purpose of the credit union is to serve the best interests of the member. For those who are entrusted to govern credit unions, they are charged with making decisions that are focused on that principle.

The credit union model was built upon solving the problem of limited access to quality financial services, a low-cost model that enabled pricing that was very competitive in the marketplace and a service-minded culture. All three competitive positions have eroded substantially. The internet had enabled banks, fintechs and other non-bank competitors to access consumers worldwide and deliver quality, well-priced financial services conveniently with a few clicks from a cell phone. When credit unions take days and a ream of paper to deliver the same services, credit unions become irrelevant to a growing number of consumers. In a world expecting near instant gratification, there is no patience for slow and steady.

Many competitors have lower cost structures: Doing more with fewer people, fewer hard assets and sometimes fewer compliance costs. Many competitors have convenient means to obtain advice and solve issues with service-oriented cultures. You can make the case that the credit union's place in the financial market has been usurped by certain competitors. If a credit union does not become competitive with its use of technology and data, that credit union's days are numbered.