NEW YORK — Although competition for consumers' wallets is more intense than ever, credit unions are in a good position to compete if they use data they already own to become more member centric, said John Lass, senior vice president of Strategy and Business Development for CUNA Mutual Group during a Tuesday afternoon breakout session at CUNA's America's Credit Union Conference.

However, Lass said banks, insurance providers and payments players are increasingly turning to customer-centric strategies to compete in the financial services marketplace.

"Every major consulting company is telling banks to be more customer centric," he said. "It's no longer a differentiator but a baseline requirement."