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Competing With Banks Is Not Just About Pricing

Our May 18 issue will feature opposing viewpoints on whether or not to branch. Field of membership definitely plays a factor as will resources.

By Sarah Snell Cooke | Updated on May 11, 2011

Credit unions have faced tough times over the last few years, and they’re only going to get tougher. Though the economy may improve, credit unions will not get the bounce they expect if they aren’t forward thinking about their business. The banking business is overcrowded and fiercely competitive. Competing on price is a fool’s errand as anyone can do whatever it is you’re offering cheaper and probably faster. Training for bigger smiles to greet members will only lead to frowns for the C-suite.

Of course, pricing is a key element of a credit union’s success, but that doesn’t mean a credit union has to be the cheapest. Despite the not-for-profit label, credit unions, just like their members, cannot survive very long paycheck-to-paycheck.

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