Looking to the Future: It's All About the Member

Credit unions exist solely for the benefit of the members. It is a pure alignment of interest between the owners and users. The only purpose of the credit union is to serve the best interests of the member. For those who are entrusted to govern credit unions, they are charged with making decisions that are focused on that principle.

The credit union model was built upon solving the problem of limited access to quality financial services, a low-cost model that enabled pricing that was very competitive in the marketplace and a service-minded culture. All three competitive positions have eroded substantially. The internet had enabled banks, fintechs and other non-bank competitors to access consumers worldwide and deliver quality, well-priced financial services conveniently with a few clicks from a cell phone. When credit unions take days and a ream of paper to deliver the same services, credit unions become irrelevant to a growing number of consumers. In a world expecting near instant gratification, there is no patience for slow and steady.