Over the last decade, we’ve seen a disturbing case of credit union entropy. Nearly 8,000 credit unions operated in the U.S. in 2010. Today, that number has been cut almost by half. During this same time, we have seen the decline of branches, the emergence of Fin Techs, and dramatic shifts in consumer behaviors driven by technology and a number of other factors.
All this is happening as we celebrate 90 years since President Franklin D. Roosevelt signed the Federal Credit Union Act into law in 1934, stating federally chartered credit unions in every state became legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices.
Are credit unions becoming an endangered species in the financial space, just as we approach our 100th anniversary, or is it time to revisit our humble beginning to rekindle our value proposition?
Ancin Cooley, Principal at
Synergy Credit Union Consulting, Inc., tells us why he thinks credit unions have been on the decline and what credit unions can do to halt their inevitable extinction and explore:
- Why credit unions are missing an opportunity to boost brand equity;
- How engaging with the local community, schools, and SEG to build an emotional connection, credit unions have an opportunity to establish a bullet proof brand;
- How credit union leaders must shift their strategy discussion from traditional external issues, to that of brand equity positioned at the center for future success.
