Credit unions are on the decline.
Since 2010, nearly half of established credit unions in the U.S. have disappeared.
Are credit unions experiencing a mass extinction event?
I recently had the privilege of seeing Ancin Cooley, Principal at Synergy Credit Union Consulting, Inc., dramatize a possible future without credit unions.
He recounted his presentation at the C.U. Leadership Convention in Las Vegas earlier this summer.
“The rate we are losing credit unions right now to forced merger is about 25 to 30 per quarter.”
So, what can credit unions do to reverse course?
“The warning was, essentially, around brand equity,” Ancin said.
By engaging with the local community and building an emotional connection, credit unions can establish a brand built on trust.
Ancin believed as much when he postulated his credit union apocalypse scenario.
“If we could improve our brand equity, enterprise risk management, and drastically improve governance in credit unions, we could have pushed off the decline.”
By embracing change, credit unions can save themselves from becoming a footnote in history.
Key Insights and Takeaways