Musings from the CU Suite

Who is your competition?

It looks like Bank of America is playing offense.

A recent article notes that the bank is adding 5,400 jobs and 500 branches nationwide. 

With that in mind, it looks like your credit union may be competing with BOA if it isn't already. 

But you know the real truth. You already compete with Bank of America. You have been for years. 

It all begs the question - who do you compete with?

Competition

  • The other financial institutions in town? 
  • FinTechs?
  • Any financial institution with a website and mobile banking? 
  • Peer to peer lenders?
  • Pawnbrokers?
  • Check cashers? 
  • Payday loan companies?
  • Every business in your town when it comes to talent?

I'm guessing that many of you would say yes to all of them.

So, how do you compete with everyone? 

That becomes a competition within. The push to be the best version of "you" possible. To push your credit union to be the best possible version of itself. 

And then to rinse and repeat. 

Every. Single. Day. 

I know I'm preaching to the choir. I've spoken to so many of you. You're a "tribe" of hustle.  And I love it.

Have a great Thursday, everyone.

About the Author

Anthony Demangone, Executive Vice President and COO, NAFCU

Anthony DemangoneAnthony Demangone, NCCO is Executive Vice President and Chief Operating Officer at NAFCU, where he oversees day-to-day operations and manages the association's education, marketing, membership, human resources, building facilities, finance and information technology functions.

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