Don't believe the hype that smaller credit unions just can't compete.

"The biggest thing is all of us need to abandon that old way thinking," said Kelley Parks, who specializes in helping small credit unions with her firm gira{ph}. "If anything, the past few years taught us about too big to fail banks is that if you look around, there've been more than a few disruptive Davids beating out Goliaths across industries. In-n-Out Burgers has only seven menu items, and they own their markets. It's not about who has the biggest marketing budget wins. It's about delivering what your members want, and smaller niche organizations can have the advantage by being very nimble."

She added that about 70% of credit unions are under $25 million in assets and serve some defined niches such as teachers, firemen and others. And it could be argued that these smaller credit unions are closest to really knowing their members' needs and can react and respond quickly.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.