By now, credit unions are aware of the industry’s changing landscape. Credit Unions are facing Fintech influence, industry disruption, and realize it is no longer an option, but a necessity to capture and optimize every piece of obtainable data to remain competitive in financial services. Large banks have been investing heavily in big data and continue to do so. Unfortunately, these banks are directly competing with credit unions, which don’t have the same resources available to effectively invest in big data. Awareness is step one, but one state is taking action to put the power of big data in the hands of credit unions.
“[CUSOs] provide a means to an end – allowing credit unions the capability to fulfill the financial needs of their members in a cost effective environment through efficient delivery channels. Plus, they attract the brightest and most innovative minds to the board table, bringing best practices of credit unions across the country, which is a priceless experience.” – Doug Petersen President/CEO of Workers’ Credit Union.
“Alone we can do so little; together we can do so much” – Helen Keller
The credit union industry (or credit union movement as it’s often referred to) is probably one of the most collaborative industries in the United States, if not the entire world. Unlike other organizations, credit unions share everything from ideas to secrets. They truly care about the welfare of the industry and its millions of members. It’s great! Collaboration benefits credit unions in several ways – however, in my opinion, one way in particular presents the biggest opportunity.