MADISON, Wis.-The basics of the credit union movement - its focus on members and emphasis on core banking products - will likely not change a great deal in the next 100 years, predicts Kim Sponem, president of the $1.3-billion Summit CU.
Sponem arrived at that conclusion after reflecting on what has changed in the industry during the last 100 years. "My conclusion is that not a lot has changed from the basics - we still have the same core deposit and loan products - and our governance structure has not changed."
The CEO acknowledged there have been significant changes in credit union market presence - many more locations - and much more high-tech delivery channels, which will continue to evolve. "I can't even venture to guess where technology will take us. But I know members will want much more interaction," Sponem said.
The number of CUs will consolidate to about 100, predicted Sponem, who also believes governance structure will not shift much by 2109. "Perhaps paid board members," she said.
The necessity to compete will place even greater emphasis on improving operational efficiencies, said Sponem, who emphasized that credit unions will streamline processes through national collaborations. "I don't see it being the Desjardin model, but I think some elements of that model will work here."
