Credit unions act at their peril by ignoring Walmart's competitive threat, warned a newly issued Filene Research Institute report.
The fact is, said the report, the giant retailer acts like a "patient strategist" in its bid to offer a full range of financial services targeting CU core lines-auto loans, small business and demand deposits. CU management cannot be complacent about what lies ahead from Walmart.
The report's author, Robert Manning, is a former consumer finance professor at Rochester Institute of Technology in New York and head of the nonprofit Debt Relief Institute. He said Walmart's 2007 failure to gain a formal banking charter has become a moot issue.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
