Who will win: community banks or credit unions?
A keen observer is Ron Shevlin, diretor of research at Cornerstone Advisors and author of a new report, What’s Going on in Banking 2020. It’s a data rich report. Download it, read it.
Shevlin was an early guest on the CU2.0 Podcast – Episode 21 – and he’s back in this wide ranging conversation about credit unions, technology, and ways to win.
For instance: can community banks regain a hold on retail banking, a niche they ceded to credit unions some years ago?
Can credit unions succeed at taking business banking from community banks?
A growing trend, per Shevlin, is that consumers have multiple checking account relationships that they seek to optimize – and a key is how easy it is to quickly move money around today. What does your institution know about this?
A credit union failing is a persistent belief that “our success is our people,” said Shevlin.
Millennials are more focused on technology.
“It is not about people, it’s about meeting members’ needs,” said Shevlin.
He also gives a formula for succeeding in financial services today. It comes near the end of the podcast. Listen up.
There’s a reference to Bill Bynum, CEO of Hope Credit Union. Hear his podcast here.