MADISON, Wis.-Credit unions may be at a tipping point when it comes to delivery channels.
John Lass, SVP-strategy and business development with CUNA Mutual, suggested during the company's online Discovery Conference that mobile platforms and other technologies mean the "credit union system could be in the midst of a strategic inflection point due to rapid changes in the competitive landscape, digital technology and customer channel preferences."
Pointing to the emergence of iTunes and Netflix and the effect they had on once dominant industries, Lass observed, "The key point here is that digital, mobile technologies and channel shifts all played roles in these industry tipping points. The credit union system now faces the challenges, but also the opportunities of incorporating digital convenience into the cooperative model.
"Unlike the music industry, the cooperative model provides credit unions with powerful competitive advantages." Lass continued, "There are some tremendously successful examples of credit unions embracing the 'do-it-yourself' banking, and it's paying off for their institutions and their members."