Saturday, April 8, 2023

LGFCU - "All Digital, No Branches" Strategy - Differing Points Of View

😃 Management:"We're not running away from SECU, but are running toward our members."

😏 Other Financial Professionals: Definitely "visionary".... "not runnung from, running into a..."


😡LGFCU Membership: 


LGFCU - Did They Jump Or Were They Pushed? Dwayne Naylor, the current CEO at LGFCU, has proclaimed that the move to an all digital, no branch credit union structure (in less than 12 months) is at heart a quest by the LGFCU membership for independence. Not unexpectedly, Mr. Naylor has heard loudly otherwise at his Independence Summits; directly from the membership all across North Carolina; and from the folks at SECU, who have let him know his members already are "moving on and not coming back!" LGFCU members say he isn't listening...

Not sure why the LGFCU Board - which is a good one - is ignoring the members whom they serve? That has not been their track record over the last 40 years - as 400,000 members and $4 billion in assets clearly proves. Sure can't find a "leap into thin ayers" scheduled in the LGFCU Strategic Plan [link...LGFCU Strategic Plan]. 

If the LGFCU Board doesn't realize what's "going down" with the LGFCU membership, a couple of calls to long time credit union members will confirm that support for LGFCU is in "freefall" - and the descent will accelerate as "ground zero" in March, 2024 approaches.

What happened? As you'll note from the highly uncertain and ambiguous "answers" provided on the LGFCU website [link LGFCU..."Independence"]; while LGFCU may have been thinking about "independence" for 40 years, it definitely didn't have a thoughtful, nor tested, plan in place. The 4/7/2023 post noted, for example, that LGFCU is only now looking for a consumer loan and processing system. 

Something doesn't seem to be "quite right" in all this. Why keep bringing it up? Because as "The Purple Duck" asked in that 4/7/2023 post: "Who would strategically plan to jump out of a plane without a parachute?" 

The skeptics continue to suspect that LGFCU didn't jump, they were "pushed" .... by you know who.