The Promises, Promises New/New Elixer
✅ Comment: Anonymous March 9, 2026 at 4:14 PM
"A
very major flaw in this thinking is the notion that you get to choose
who you are competing against, when Fintechs, banks, and credit unions
market to and come after our members to serve their financial needs on
the very same products we offer. We lost 5 billion in deposits a few
years back. Where do you suppose that went? If banks got their
pro-rata market share they got a lot 3 billion of it. If we had said
“hey members. FYI, we don’t compete with banks”. I guess we coulda kept
the 3 billion. Is that how that works?
Otherwise just an
intellectually lazy comment to say all bankers are poor communicators,
or can’t understand a credit union model and mission"
or later, or whenever! "We'll let you know what you need to know when you need to know. [..'cause we really have no clue!]
😎 4:14pm The problem with your analysis is you rarely get your facts right. SECU dropped the $5 billion because we were underpaying the members... SECU looked inept and cheap. Poor management, not a question of competitiveness.
Also seem to overlook that when SECU woke up and returned to paying fair rates, that $5 billion immediately came back. Or hadn't you noticed. If you hadn't noticed, see ""Poor management" above!
The $5 billion didn't come back due to any noticeable new tech or new services recently offered at SECU - nothing much new of note has happened in last 5 years. You're living off the "dinosaur" of which you complain; which is kinda like still living at home in the basement while criticizing your parents!
Might be time to demonstrate to members there really is some substance to the "new/new"... talk is cheap. (see "Cheap" above as reference). What exactly is the"new/new" going to be whenever you get around to introducing it?
A bit faster, a little more convenient... or something more substantive like better savings rates, lower loan rates? What can we expect in the "new/new" afterlife? (that you've been working on for 5 years?)
Hey, give us a hint... if you can!
Two other points: 1) It's not the bankers who are failing to understand the credit union model and mission, and 2) there is a tremendous difference between "being competitive" and "competing with".
😎 Not convinced that you know "There is a difference" (see #1 &2)... actually pretty sure you don't... and no fintech or "half-ba(n)ked" vision is going to bail you out.
"Iceberg, right ahead!"
ReplyDeleteAmen Brother!!
ReplyDeleteWe lost the 5 billion because we were Underpaying members. Not a question of competitiveness? So how do you define under-paying
ReplyDelete11:07 am Look again, defined your loss of $5 billion as managerial ineptness and also being "cheap" (that's also called gouging); but about that i'm uncertain.... and tend to bet on ineptness for which there is much evidence elsewhere.
DeleteBut perhaps you should explain; Why did you run off $5 billion? You meant to do it or just messed up - which?
To be fair our commenter admitted to both! Then acknowledged that soaring loan losses from centralized lending without any collection expertise compounded the problems.
Delete"Members must pay, it's just that way"... sounds like a Jesse Welles song!
"We lost the deposits because our rates became uncompetitive."
ReplyDeleteThat wasn't news to SECU members who withdrew $5 billion (over 10% of all deposits), before you found out you couldn't get away with it.
DeleteMembers aren't stupid despite what you might think.