I recently read a blog post-turned-Op/Ed piece by fiVISION President, Mike Winter, explaining how smaller credit unions were stuck in "no man's land" when it comes to being able -- or not being able -- to implement certain technologies because of costs. The post, appropriately entitled, "No Man's Land", piqued my interest so I invited Mike on the show to explain his point of view -- along with his solution to this issue. The heart of the issue: Smaller credit unions need to implement many of today's technologies to keep pace with their peers and competition. But with the high costs of some these tech solutions, smaller credit unions simply cannot afford to do so -- hence, being stuck in "no man's land." It's a very interesting and eye-opening conversation and Mike certainly delivers -- peppered, of course, with a bit of levity throughout. Enjoy the program!
What are your thoughts on this issue? Are smaller credit unions at a disadvantage?
What you'll learn...
1. You recently wrote a blog post-turned-Op/Ed piece discussing the "stuck between a rock and a hard place" status of smaller credit unions today when it comes to implementing tech tools to keep up. Can you expand?
2. You mention in the article that fewer than 50% of smaller credit unions ($250M and below) use an online account opening technology, for example, -- and even fewer credit unions provide online share account opening. Why is this?
3. You also state that 50% of all accounts will be open via online by 2015. What's this mean for the smaller credit unions?
4. You use the term "no man's land" to describe these smaller credit unions's situation. What do you mean by that term?
5. So it's an affordability issue with the bigger credit unions able to afford these tech solutions, while the smaller ones are challenged in this area. True?
6. What's the solution here?
7. Your company helped a $60 million credit union, how'd you do it?
"No Man's Land" blog post
Mike Lawson, Host
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.