Economic hits and likely regulatory changes have made developing back office collaboration essential if credit unions are to survive, according to a new report from the Filene Research Institute.
In the executive summary to A Road Map To Credit Union Back-Office Collaboration George Hofheimer, Chief Research Officer for Filene, put the situation starkly, using a business metaphor commonly called the "burning platform."
"When the dust settles, what will the brave new world of banking look like," Hofheimer asked. Will there be a burning platform that spurs credit unions to consider a dramatic shift in the way they operate? Does collaboration play a role? Are you willing to wait for the burning platform?"
In the course of his research Michael Taylor, CEO of a business consultancy called SchellingPoint that specializes in business collaboration found that many credit unions are still struggling with the first step on the collaborative road map, building a case for starting to collaborate.
"We found a pretty wide divergence of opinions in our research," Taylor explained. "Some executives we spoke with saw the need and were very keen to get started but then others who understood the concept theoretically but were still thinking 'why would I want to do that.'"
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