ARLINGTON, Va.-NAFCU president Fred Becker expects that many planning discussions will shift this year from crisis management to positioning the credit union for the future.
Becker contended that credit unions see the advantage the economy has presented.
"Credit unions are well positioned given what has happened in the economy," he said. "Yes, we have had our issues. But if you compare us to banks or even community banks we are better positioned to come out of this crisis stronger than anyone else."
The change in thinking, said Becker, is coming from an economy that's turning. "The smart entities are focusing on the turn that looks to be coming more and more every day and how they can position themselves to take advantage of the turn."
Becker emphasized that credit unions will likely focus on retaining members that have come over due to their dissatisfaction with banks. "For example, Walmart has focused on picking up middle-class and higher-income individuals. Now how does it retain them?"
Credit unions will also turn attention to credit cards and developing new share products with "savings now in vogue. I expect many will be looking at innovative products and services that members will want as we cross into the next decade. It's time to look at what's coming down the road and how you position yourself to take advantage of the opportunity. The ship is righting. Now you have to shift your planning discussions to where the ship needs to go to next."
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