Insights,Hindsights & Out of Sight

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The future is never certain in any case. Circumstances can change on a dime at any level, in any business. Credit unions that take proactive steps at these junctures are more likely to come out winners than losers, no matter what the outcome.

-Neil Goldman, president, Member Research, March 19, 1997

I believe that banks are going to go after state charters next.

-Virgil Rice, president of Pacific West FCU,

Santa Barbara, Calif., March 19, 1997

My job is to prepare for the future, not wait for the future to come up and hit me in the face.

-Nadine Heath, manager, Countywide FCU, Beavercreek, Ohio. March 26, 1997

You'd have to be Rip Van Winkle to be unaware that consumers are really fed up with the banking establishment.

-Evan Bane, Wisconsin CU League, April 9, 1997

In May of 1995, the thinking among financial institutions was almost 100% toward the private network approach. There were just a couple of visionaries who predicted the Internet would catch on. Right now it's probably a 50-50 split between those doing Internet banking and those doing direct-dial home banking. In about two years 95% of all financial institutions will understand that home banking must be done over the Internet and only 5% will be using a private network solution.

-Paul Fiore, president of Digital Insight, April 9, 1997

It's important to send a strong signal to members that we are going to win this (fight with banks) o one wants to be with credit unions if they are going to lose. We are going to win and then move on.

-Rob Allyn, April 16, 1997

I am telling you to get off your butts and get involved in Washington. Be the political force you can be and aren't.

-Sen. Howard Metzenbaum, April 30, 1997

The member is looking for convenience through different access channels, and they are rewriting all the rules.

-Tom Bollum, CEO, AnyTime Access, Inc., April 1997

Every technology leap is accompanied by a large amount of confusion and lack of awareness.

-Joe Antellocy, CUSA Technologies, April 1997

The researchers feel that the coming struggle for power in the electronic world will focus on controlling the distribution of goods and services, and that whoever controls the channels of distribution will control access to the consumer.

-Filene Research Institute report, May 1997

It used to be that you hired a data processing manager, handed him the system and said, 'Here, make it work.' Now a credit union can ask, 'Exactly what is it that we want to accomplish.'

-Dick McConnell, AFTECH, May, 1997

It will probably be at least two years before the supply of qualified (IT) candidates meets the demand.

-David Hilton, May 1997

The trend today is to keep members out of the credit union branch.

-Sandy Greer, president, FiTECH Services, May 1997

In five years the idea that the federal government will determine what market you'll be in will be seen as as silly has having the government determine what rate you should pay on a CD.

-Credit union consultant, June 1997

Today BofA makes $450,000 a day in surcharges. You think it will ever go away?

-Gary Raddon, Raddon Financial Group, June, 1997

Each person in this room must become computer literate. If you're not online, you'll be in the bread line.

-Dr. Dennis Waitley, June, 1997

I believe we are in an even more fundamental period of discontinuity and change right now-even greater than after World War II. Digital sounds and data will be as common as text.

-Dr. James Ware, June 1997

Over time, (member e-mail addresses) is going to be very valuable information.

-Chuck Bruen, CEO, First Entertainment CU, June, 1997

Everybody in Washington knows who AARP is. When they write letters or have telephone calling campaigns, everyone in Congress quivers. They don't even know (credit unions) are here. I want to change that.

-Dan Mica, July, 1997

Nothing will be done to deal with Social Security this year, or anytime soon ver heard of the AARP? I mean they've got nothing else to do.

-Dr. Gene Stanaland, July, 1997

We are not asking for an immediate break-up of every credit union in the country. It's fair and reasonable for the appeals process to run its course before we accomplish that.

-Michael Crotty, American Bankers Association, 1997

People are a little nervous about the stock market and should prepare for a correction.

-Bill Hampel, July, 1997

I'm really concerned that there are fewer and fewer true-blue credit union believers. I don't see the real loyalty that we once had. A lot of managers and directors are just not into the spirit. Their only concern is the bottom line.

-David Miller, NAFCU Chair, July 1997

By 2005, I envision that a consumer or a merchant, for that matter, will go to an electronic store, buy the latest gadget, plug it in, turn it on and expect it to work with your financial service.

-Francios Durtray, Visa International, who also predicted an end to the magnetic stripe card. July, 1997

Among the predictions included in a time capsule buried in 1966 in the Michigan league's then new building were: Out of 80 people making predictions, nine people said there would be fewer CUs in the year 2000 than in 1966, with one person saying there would be approximately 650 and another saying there would be none left.

I believe it would be a terrible mistake for credit unions to let this break down into factions-underserved, overserved-I don't want this idea to germinate in Congress. I think the idea of tiered taxation, with taxation for large credit unions being OK because they can afford it, is a mistake.

-Shirlee Bowne, NCUA board, September, 1997

What's e-mail?

-Question posed from participant in Cyberseminar during CUNA's Symposium, September 1997

What's a browser?

-The next question posed at the Cyberseminar, September 1997

I recommend for Christmas you buy your board members...some Internet access instead of a briefcase.

-Robert Hoel, October 1997

ATMs will be obsolete in five to 10 years.

-Jerome Svigalls, consultant, speaking to a CUES conference in December, 1997

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