The concern has been that credit unions are turning away from a focus on trying to help people , especially those of "modest means", toward a focus on commercialization - "competing with banks".
Credit unions have never needed to compete with commercial banks to achieve success! Never will, it's a different business.
Those who "compete with banks" may or may not become successful - as banks. They will, however, never become, or remain, as successful credit unions. Failures waiting to happen...it won't take long.
Wouldn't bet on the amateur hour "bankers" - the new/new - who now infest and merge many thriving CUs. Watch their "roadshow' videos!
Appalling as communicators, can't even manufacture a convincing message.
Two things missing in the message - substance and credibility - the very definition of irrelevance.
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.
Sorry, nothing else really comes to my mind!
How about MEmbership? How about MEmber-owner?
ReplyDeleteOh gee, IDK. MEmbership? MEmber-owner?
ReplyDeleteWhat is you stupid me-me notion anyway?
The concern has been that credit unions are turning away from a focus on trying to help people , especially those of "modest means", toward a focus on commercialization - "competing with banks".
ReplyDeleteCredit unions have never needed to compete with commercial banks to achieve success! Never will, it's a different business.
Those who "compete with banks" may or may not become successful - as banks. They will, however, never become, or remain, as successful credit unions. Failures waiting to happen...it won't take long.
Wouldn't bet on the amateur hour "bankers" - the new/new - who now infest and merge many thriving CUs. Watch their "roadshow' videos!
Appalling as communicators, can't even manufacture a convincing message.
Two things missing in the message - substance and credibility - the very definition of irrelevance.
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?
ReplyDeleteOtherwise just an intellectually lazy comment to say all bankers are poor communicators, or can’t understand a credit union model and mission.