Credit unions like to talk about the credit union difference, but what they really need to do is focus on making a difference, according to Chip Filson, CEO of Callahan & Associates.
"It's not enough for credit unions to say they're different or even actually be different," Filson told The Credit Union Journal at the Financial Solutions Symposium Callahan co-hosted with WesCorp. "The key to credit unions' success in the future is to make a difference."
But "making a difference" doesn't necessarily have to be about serving the underserved or giving back to the community-though Filson said those are two admirable ways CUs can make a difference-it means that credit unions have to prove their difference to the market place. "They have to demonstrate in a meaningful way how they make a difference in their members' lives," he suggested.
If credit unions can do that, they should have a long and successful future ahead of them, Filson said. "We're not going to outmuscle anyone," he observed. "We're simply not big enough to do that. But we can make a difference, and that is our competitive edge."
