Last week’s comments by the Financial Accounting Standards Board (FASB) about how they will allow the different levels of complexity in credit loss calculations for lenders of different sizes would seem to be a victory for smaller credit unions and community banks.
Member-focused initiatives must be blended with high tech solutions in the credit union industry
In his #1 New York Times Bestseller book, Megatrends, John Naisbitt predicted that with the rise of “high tech” solutions, people would increasingly feel a need for “high touch” connections to balance technology overload. The need for personal touch in financial services has been continuously met by the credit union industry. Many banking customers have become disillusioned after being treated as just another number in a bank’s system. The mission of credit unions is to deepen relationships with their members to provide them with exceptional products and services. However, they realize that technology on its own will not bring about superior service for their members. By keeping the High Tech/High Touch balance in utilizing Big Data/Analytics (BD/A) solutions, credit unions will bring efficiency to their processes and excellent service for their members.