LAS VEGAS — When it comes to member service, convenience and advocacy, the credit union industry has a longstanding tradition of providing all three. But on the issue of establishing credibility, the movement still has a way to go, Dan Clark, author and speaker, told attendees during a keynote session at NACUSO's annual conference.
During a spirited exchange, 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 begins with looking in the mirror and admitting guilt to being a victim by 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, adding at one point in history there were 24,000 credit unions, and that number has since decreased to 8,300. "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."
Clark, who said he drives 45 minutes one way to his credit union, believes most people are not overly concerned about who has the best rates. It boils downs to credibility and loyalty, he offered.
"As leaders, all we can do is create environments that make [members] want to stay," Clark said. "There is nothing more made in America than credit unions. What will your legacy be?"
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