Playing smarter, not bigger: How small credit unions compete on efficiency
Is this a good time to be a small credit union? Not everyone thinks so. Maybe for good reason. Between 2009 and 2015, the three largest banks in the country grew deposits by $1.27 trillion, while the remaining 11,000 U.S. banks and credit unions generated $1.84 trillion. In other words, the top three grew by an average $423.3 billion each, while other financial institutions (FIs) averaged just $167.3 million.
New regulations emerging after the financial crisis didn’t benefit smaller institutions, either. And CEOs at community-based FIs are quick to identify the challenges and disadvantages they face daily, including:
- Finding good business “critical mass”
- The need to be overly cost-conscious
- Being judicious about business focus, since small credit unions can’t be compliant and operationally excellent in everything
Despite these challenges, small credit unions can carve out an advantage in the market by “playing smarter, not bigger”—i.e., creating efficiencies in delivery processes that many would think are only available to larger institutions with deeper pockets.
In this whitepaper from Cornerstone Advisors, learn how to play smarter and grow your business, without having to merge or in the absence of market growth, through:
- Strong system utilisation
- Effective IT relationship management
- A guerilla IT attitude
See how your small financial institution can survive and thrive in today’s financial services industry.
Download “Playing smarter, not bigger: How small credit unions compete on efficiency” now.