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No Tech, No Assets: Know Tech, Grow Assets

As fintech companies begin to steal away business, credit unions must ensure they know technology as well as they know banking.

By Sarah Snell Cooke | Updated on May 26, 2016

Credit unions must know technology as well as they know banking. Technology is no longer only the faster, cheaper way to serve members. It’s a strategic, convenient, streamlined way to serve members who choose to be served remotely using a device that rarely leaves their side. These same members by and large are your members of the future.

Michigan First Federal Credit Union President/CEO Michael Poulos agreed credit union executives must understand technology and its application at least as well as they know banking. “The world has changed and the method of delivering financial products and services has eclipsed the business of banking,” he said. “Over the years, most consumers have gotten the basics of the banking business, and there has been little innovation in that space. Where innovation is required is in the technical delivery of those products and services. Failure to understand those new methods and channels will lead to failure.”

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