How To Differentiate Your Credit Union

On the CU Water Cooler site, William Azaroff wrote: “When I look at many credit unions, I’m troubled by their blandness, their inoffensiveness. They used to stand for something, but now they’re moving away from differentiation and towards sameness. And many credit unions are doing this at the precise moment when differentiation is a necessity. The question…

What FourSquare Means To Financial Institutions

The Financial Brand does an excellent job of putting FourSquare into perspective for financial services firms: Most financial institutions are trying to push people out of branches — especially for routine interactions — by encouraging use of self-service channels. But a Foursquare promotion encourages exactly the opposite: frequent branch visits. If your financial institution builds…

Who Needs Vision?

This recent tweet from Sarah Cooke (@CookeOnCUs) caught my attention: #NACUSO Tom Davis: “The credit union industry has no unifying vision.” My first thoughts were: 1) What industry does? and 2) So what? Here are some things I hold to be truths: 1) Consumers have different financial services needs. 2) Consumers have different preferences for…

Credit Unions' Credit Card Chimera

I don’t have stats to back this assertion, but it seems to me that credit unions are looking at the credit card market as a growth opportunity these days. Anecdotally, after linking to a news story about how Chase would drop 15% of its cardholders as a result of the new regulations, one of my…

The Secret Of High-Performing Credit Unions?

Imagine that there are two groups of credit unions. We’ll call one group the HPs (for high-performers), and the other group we’ll call…the other group. Over the past two years, average membership growth for the HPs has been three times higher than that of the other group. Further, the HPs’ two-year loan and net-worth growth…