Newsroom
Becker challenges CUs to 'turn up the volume'
 | |
| NAFCU President and CEO Fred Becker encouraged credit unions to seize on the opportunities presented as consumers seek value. – Schenk photo |
July 30, 2012 – NAFCU President and CEO Fred Becker told Annual Conference attendees Friday that credit unions are currently "in the midst of a renaissance," just as country music was during the 1960s when "The Nashville Sound" made thegenre a nationwide phenomenon.
Becker's remarks underscored the musical heritage associated with the location of this year's conference – Nashville. Noting that Nashville's nickname is "Music City," Becker said that the history of country music – and Nashville's role in that history – has "significant parallels" to credit unions.
Just as credit unions were once "the best kept secret in banking," country music had eluded mainstream attention for many years. That all changed in the late 1950s and early 1960s with the advent of "The Nashville Sound," which introduced millions of radio listeners to country for the first time.
To build on current successes, credit unions can look to how country music has become only more prominent since then, he said. Credit unions need to "turn up the volume" and "make sure everyone hears what we offer," he told the audience.
Specifically, Becker said credit unions need to:
- offer products and services on members' terms;
- develop personal connections that are relevant and meaningful;
- emphasize the distinctive credit union culture; and
- modernize to keep pace with the changing times.
Becker cited numerous examples of credit unions that were using new technologies like online banking, iTunes rewards for members, technology bars, and "pod branching," as well as "tried and true" concepts, like financial literacy events, to attract new members and to improve the bottom line.
Becker also stressed that even as regulations proliferate and revenue streams dwindle, opportunities abound for credit unions. "Consumer dissatisfaction and overall frustration with the economy are more intense than at any time in modern history," he said. "A migration is underway, with accounts and money moving from mega-banks to true value – and that is credit unions."
The NAFCU chief concluded by telling attendees, "Country music is here to stay. And so are you!"