Overheard at the CUNA Community CU Conference

by Kevin Lytle, VP of Business Partnerships - 10/19/15

In case you missed this year’s event, heres a recap of fresh insights and forward-thinking ideas from the industrys best and brightest.

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Jim Nussle, President & CEO, Credit Union National Association (CUNA)

In order to become Americas best financial partner, we must remove barriers between credit unions and their members ... [and] they must say [credit unions] are the most trustworthy financial institutions in the country.

Regarding CUNAMember Activation Program:

Credit unions must activate their members similarly to the NRA [4.5 million members] and AARP [37 million members] ... There are over 100 million credit union members nationwide, and we must make their voices heard ... If your members are not advocates, there are no advocates.
Instead of co-operatives, many of us practice co-opetition’ ... We must work together to become more efficient, focused, and facilitate growth that serves our communities.

Cathie Mahon, President & CEO, National Federation of Community Development Credit Unions

[Community] credit unions are a movement ... and community services are growing faster than mainstream credit unions.
Credit unions are recognizing the importance of serving untapped markets ... and educating the community so they do not fall prey to irresponsible lending.
Credit union members of modest means expect mobile apps for banking and place the most value in a trusted relationship with their [financial institution]... There is no 'silver bullet product'... it is all about providing a high level of service and maintaining an intimate relationship with your members... This is what differentiates credit unions from other financial institutions.
Mark Sievewright, President, Credit Union Solutions at Fiserv
By the end of this decade, we will see a substantial change in how [credit unions] do business.
There is a flood of nontraditional players disrupting the industry. Kodak film was in a similar situation when digital photography was developed. They had 10 years of runway to innovate, but they chose not to and became obsolete. [Credit unions] must innovate.
The continuous stream of [technological] innovation will reshape consumer behaviors, business models, and expectations. By 2020, 22 million Americans will shop using their mobile devices. We are going to be online all of the time. Digital engagement with members should be your No.1 priority.

Kent Hartzler, President & CEO, Everence Federal Credit Union

The purpose of credit unions is to provide Americans with an option for local, intimate, and personalized service.

Small to mid-sized credit unions are at risk of extinction ... unless we collaborate to scale efficiency and reduce costs.

If you want to go fast, go it alone, if you want to go far, go it together. [African Proverb]

Martin Eakes, CEO, Self-Help Credit Union

Home ownership is the single best way to break the cycle of poverty ... it stabilizes families and strengthens neighborhoods.

For more expert perspective about how to engage members and grow your credit union, contact True North VP of Business Partnerships Kevin Lytle at (850) 933-3783 or klytle@truenorthcustom.com.

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