'Are CUs relevant?' asks CUNA Council white paper

MADISON, Wis. (3/10/09)--Credit union professionals can learn ideas and receive advice to ensure that credit unions remain relevant in the current marketplace in a new all-CUNA Councils white paper.

"Are Credit Unions Relevant?" explains that one of the best ways for credit unions to stay relevant is by being member-centric and fully understanding each member's individual needs. It also addresses the three factors to help create relevance: do the right thing, know your markets, and differentiate.

The paper also offers a caveat to its credit union readers: "If you're not offering competitive products and services, you can talk about the credit union philosophy all you want, but it won't bring people in, or keep them."

"The public doesn't really care if you are a credit union or a bank--what they care about is, 'Can you meet my needs? Can you facilitate my dreams?'" said D.G. Markwell, senior vice president of marketing and business development at MAX FCU, Montgomery, Ala. "It's too easy to wake up every day and do the same thing we did yesterday, last week, last month, last year and last decade."

courtesy of cuna.org