What is competition? According to the Business Dictionary it is, "a rivalry in which every seller tries to get what other sellers are seeking at the same time; sales, profit and market share by offering the best practicable combination of price, quality and service." 

If one accepts this definition, then the important aspects for a credit union would be the three following components:

• Price–because we pride ourselves on being a value proposition for our members.
• Quality–member advocacy is ingrained in the credit union culture, so quality is very important.
• Service–we are always there for our members.

The financial services industry has gone through quite an evolution in the last few years.  Discount brokerages advertise on television all the time. Consumers are asked why they should pay full commissions on their trades. Wire houses are being acquired by large commercial banks which facilitate an individual having all of their financial needs served by one organization from checking accounts and certificates to loans and on to investments and insurance. 

Then there are the independent financial planners, insurance agents and CPAs, many of whom are offering the same investments and insurance products that we provide.