Companies large and small all over the world are rethinking and changing how they operate. Successful companies stay in the forefront because they are willing to redesign how they do business and they take full advantage of all network opportunities available to them. Companies like Google, Amazon, eBay and ING have redesigned their business models to continue to succeed in a networked world. Credit unions can too!
The future of small to medium sized credit unions is becoming increasingly bleak as they struggle to compete on their own. The credit union industry is experiencing an unprecedented high rate of mergers. But, if collaboration is what is required to succeed in today’s challenging financial market, then the typical merger may not always be your best option. The typical merger results in lost identity, names are changed, and the faces and facilities that credit union members have become familiar with usually change as well.
But, What if…credit unions united and created a network where they can do business with each other, with any member within the network, with any partner regardless of geographic location. Imagine these credit unions succeeding through innovative collaboration while keeping their own name and identity. Credit unions that are willing to adapt and do this will gain a competitive advantage and the ability to compete and continue to serve their members today and in the future.