The Decision Maker

Amazon vs Borders: A Lesson for Credit Unions

Posted by Aaron Wang on Jan 9, 2014 12:22:36 PM

In the book Competing On Analytics by Davenport and Harris, Amazon is featured as an “Analytic Competitor”. Amazon was a new entrant to a very mature market and within 10 years became a leader in a market that saw the demise and eventual bankruptcy of a formidable competitor. Why is this story relevant to credit union leaders?
I am an enthusiastic supporter of a flourishing Credit Union movement. Since 2009, the industry has experienced growth in membership, net assets, ROA, and capital. From a business strategy perspective these are noteworthy achievements. Yet, there is an absence of a true “leapfrog” strategy to move credit unions to the next level of competitive advantage. When I look at the changing competitive landscape of today’s credit unions, I think that much can be learned from the recent history of Border Books and Amazon.

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Topics: Data Analytics