Are the days of simply creating back office efficiencies becoming old hat as credit unions continue to generate ways to remain relevant to their members?

Jeff Russell, president/CEO of TMG Financial Services, said he believes now is the time to explore other alternatives. Specifically, credit unions need a new model that can leverage the scale necessary to compete in a global marketplace with the local service that matters to the member.

"So what if we outsourced our balance sheet and focused on how to provide the best product or service for our member?" he said. "What if we created a network of vendors-CUSOs and other businesses-that allowed us to continue to provide fair, competitive products to our members that were truly innovative, collaborate solutions, rather than simply creating back office efficiencies?"