SAN ANTONIO – Credit unions that combine more back-office operations and are hyperfocused on member needs will be most likely to do well in hard times.
That's the advice Texas Credit Union League President Dick Ensweiler and credit union lawyer Bruce Jolly gave attendees at NASCUS' State System Summit.
"Even though they can't agree on a common brand and have overlapping FOMs , many have found ways to share operational costs," Ensweiler said.
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He said his league is creating a task force on the subject but noted that credit unions often have problems with executives who fear loss of their turf.
He also said credit unions should do even more to appeal to immigrants. This includes putting branches in strategic locations and making offices that are customer friendly and aren't intimidating.
Jolly said "understanding who is in your FOM is the key to figuring out how to expand your services."
He noted that the increased consumer interest in savings will prompt credit unions to dramatically rethink what products and services they are dealing with.
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