In our January 2008 issue of cent$, our American Airlines Federal Credit Union magazine, I took the opportunity to remind our members of some “hows” and “whys” we are different than other providers of financial services. For all business entities strategic “differentiations” are critical to long-term success and that is even more so the case for smaller niche players such as credit unions. In fact, Michael Porter, in the Harvard Business Review article referred to, sort of defines strategy as tightly linked-differences.
In responding to the Treasury Departments request for comment on the U.S. financial institutions regulatory structure, I made similar points. Our differences matter! Preserving, strengthening our differentiations, saying “no” to ideas and fads that don’t fit who we are is one of the great challenges and responsibilities for all CU management and boards.
John Tippets, CEO
American Airlines FCU, DFW Airport, Texas (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com