LAS VEGAS — Long time cheerleaders of their track records with member service, convenience and advocacy, the credit union industry still has a way to go to establish credibility, Dan Clark, author and speaker told attendees this morning at NACUSO's annual conference.
During a spirited session, Clark shared some troubling pieces of data to prove his point: credit unions make up just 5.6% of all assets among all financial institutions and originate a mere 2% of all mortgages.
"People helping people, yes, we know that," Clark challenged. "What are you doing to get the word out that credit unions are different from banks?"
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Clark said one good starting point to transforming the industry starts with looking in the mirror and admitting guilt to being a victim, meaning not reacting to things like bank attacks or the subprime fallout. Asking better questions and "letting go of ego" can also help open the window to change.
"Stop worrying about mergers and conversions," Clark urged attendees. "The difference between good and great is a little bit of effort. Go after me…don't just hang a shingle out and expect me to come."
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