At the opening of NACUSO's annual conference Tuesday, Randy Salser called on credit union leaders to embrace collaboration as the industry confronts rapid technological change and intensifying competition from large financial institutions.
"We're standing at an inflection point," Salser told attendees, pointing to accelerating trends in technology, member expectations and fraud. He emphasized that while nothing in the system is "broken," the pace of change is widening the gap between institutions that can adapt quickly and those that cannot.
Salser highlighted the growing role of credit union service organizations, noting there are more than 1,100 CUSOs and roughly 1,883 credit unions invested in them, with total investments reaching $5.1 billion by the end of 2025. However, he contrasted that with major bank investments, citing that JPMorgan Chase alone deployed nearly $3 billion into fintech investments last year.
"They're not trying to out-cooperate us — they're trying to out-innovate us and outspend us," Salser said.
To compete, Salser outlined three strategic priorities for NACUSO: Targeted advocacy, stronger collaboration, and expanded education through new digital platforms and content.
He stressed that CUSOs represent "the purest expression" of the cooperative model, enabling credit unions to scale innovation and share risk. But he warned the industry must move faster and work more cohesively.
"The future will be decided by those who can move together the fastest," Salser said.
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