In a harsh appraisal of the industry's future ability to gain much new business from Bank Transfer Day fallout, a California-based research firm warned Monday that credit unions stand to "go the way of the Oldsmobile."
Credit unions may enjoy the public's "love" but they sorely lack the full tech expertise to appeal to a younger clientele which many banks, particularly large ones, retain, declared James Van Dyke, founder of Javelin Strategy & Research in Pleasanton.
In a report issued last week reviewing Bank Transfer Day account movement from large banks, Van Dyke told Credit Union Times that credit unions need to work much harder at upgrading technology-based products.
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