NATIONAL HARBOR, Md. – In crisis–especially the current financial crisis–there is opportunity: That’s what NAFCU President Fred Becker asserted yesterday during opening remarks for the NAFCU annual convention.
"We are using the challenges from the current crisis as a spring-board to devise new and more effective ways to serve our members and communities ," Becker told 1,300 attendees to the annual conference, showing the Chinese symbol ‘Wei-Ji," that represents both "crisis" and "opportunity.
The NAFCU CEO cited four areas of opportunity for credit unions in the current financial crisis: membership; share growth; credit cards and innovative products and services.
"Many banks aren’t lending today," said Becker, "Dissatisfied consumers are looking for an alternative – and there is no doubt who it is – you! Why? You win on three key attributes: Trust Reliability, and Confidence."
"Banking has become less of a commodity; people are now basing their decisions on whom they can trust. Financial stability, trust, and service, now outpace convenience. We are winning the battle on those fronts! Here’s a real shocker for you – consumer trust in banks is very low!"
He noted a recent survey by the Raddon Financial Group that found almost no interest among consumers in banking at one of the nation’s four largest banks. The survey also revealed that credit unions stand to benefit significantly from consumer's low opinion of large national banks. "At the same time," said Becker, "the survey noted that to attract new members, we have to provide strong technology and service."
"As we all know, the rise of credit unions during the Great Depression not only helped countless Americans, it paved the way for a thriving credit union industry in the decades that followed. So, too, the strength and vitality of our industry in the years to come will largely be determined by the actions we are taking today."
