Using small size to a credit union's advantage and the importance of providing an innovative member experience were among the points emphasized by Ed Brett, e-commerce channel manager at Westminster Savings Credit Union in British Columbia, Canada, during his presentation at the CU Water Cooler Symposium at FORUM Credit Union.
Brett said that although Westminster is only 0.4% the size of the largest bank in Canada, "that doesn't matter one bit to our strategy. We feel we can go up against those banks." He added that his credit union has 12 branches, 50,000 members and about $1.7 billion in assets.
Brett said small size enables credit unions to be agile, mobile, quick and ear-to-the-ground. "If you're not using your small size as a strength, then you've just given up one of the best competitive advantages you have over the banks," he said.
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