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Will 2025 Be Back to the Future for Credit Unions?

Face-to-face interaction could be the differentiator for your credit union as competition continues to grow.

By Natasha Chilingerian | Updated on July 17, 2016

As Buddha said, “Nothing is forever except change.” Sometimes change can be anticipated from miles away. For instance, if your credit union’s CEO announces his or her retirement months in advance, you’ll have ample time to seek a quality replacement. Other times, it hits you over the head out of nowhere. Take the recent hit and run incident in Elko, Nev., which claimed the life of 58-year-old Doug Schwartz, president/CEO of the $147 million Elko FCU. That credit union faces the unexpected task of replacing its CEO – a reminder to credit unions of all sizes to implement a strong succession plan – in addition to dealing with the pain of such a tragic loss.

One change the credit union community can see in the distance is the growing threat of competition from nonbank financial services providers. By now, the community is well aware it has to innovate to avoid getting squashed by emerging competitors. And offering the same services as the competitor next door isn’t going to cut it – you must strive to differentiate yourself.

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Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.

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