NASHVILLE, Tenn. — During opening remarks at the second day of the National Association of Federal Credit Unions' 49th annual Conference and Solutions Expo in here, President and CEO Dan Berger provided attendees with a positive outlook for the CU industry, while sending jabs toward the banking industry.
"America needs more of what you offer," Berger said. "They need less Wall Street and more Main Street. While banks make money off of their customers, you help your members manage their money."
According to Berger, NAFCU staff had visited more than 300 of the nation's credit unions in the last year and a half in an attempt to gain an understanding of what has been working within the industry and where weaknesses exist.
Berger outlined what NAFCU has learned from their members in four points:
Dare to stand out: "Credit union staff are getting out from behind their desks, away from the branch and out into the community," said Berger. "They're visiting their select employee groups or becoming involved with their single-sponsor memberships. They know the value of creating and fostering relationships. They've learned to tell the credit union story through community involvement."
Innovate: "Credit unions that are leaders in innovation understand that improving the member experience is always the end goal," said Berger. "It is better to be member-centric than number-centric. In today's market, products and services are not competitive advantages. Relationships are."
Give your members something to talk about: "With online reviews, social networks and mobile web access, it's easy for your members to know as much about your products and services as you do," Berger said. "Member experience correlates to loyalty."
Hustle: "Hustle is the art of making things happen … Hustle, like innovation, is not an accident. It's intentional," Berger noted. "The message we learned from our visits is clear: If we stop growing, if we sit on our capital, if we don't innovate, if we lose touch with members and forget our mission, we're inviting trouble."
Berger touched on the positive gains the industry has seen during this time, such as membership growth of more than 104 million, share growth to more than $1 trillion, as well as loan growth that is approaching $800 million, based on first quarter data. He also championed the push into more technology-focused investments at branches and on mobile/web to better serve and capture the millennial market.
"If we work together, we can kick the tails of the banks and the disruptors like Google and PayPal. We can convince consumers that credit unions are the best financial institutions. But we must work together. And more importantly, we must hustle."
