Credit unions exist solely for the benefit of the members. It is a pure alignment of interest between the owners and users. The only purpose of the credit union is to serve the best interests of the member. For those who are entrusted to govern credit unions, they are charged with making decisions that are focused on that principle.

The credit union model was built upon solving the problem of limited access to quality financial services, a low-cost model that enabled pricing that was very competitive in the marketplace and a service-minded culture. All three competitive positions have eroded substantially. The internet had enabled banks, fintechs and other non-bank competitors to access consumers worldwide and deliver quality, well-priced financial services conveniently with a few clicks from a cell phone. When credit unions take days and a ream of paper to deliver the same services, credit unions become irrelevant to a growing number of consumers. In a world expecting near instant gratification, there is no patience for slow and steady.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.