Musings from the CU Suite

Compiled by Anthony Demangone, Powered by NAFCU

I had a friend ask me what is happening in credit union land. Here’s is what I said.  A little bit of everything.

1. Competition is fierce. Banks. Credit unions. Insurance companies. Brokerages. Amazon.
2. Talent is scarce. Burnout. Engagement. Skills. People are recruiting their best people nationally.
3. Never enough money for technology.
4. Consumers want…more. And they want it faster. And securely.
5. They must compete today while having an eye around the corner. Crypto. DeFi. Digital. AI.
6. Oh, and what they sell is largely commoditized.
7. Finally, they are managing all of this while coming out of a pandemic that shook up everything like a giant, mean-spirited Holiday Globe.

My friend simply nodded, and said, “That’s a lot.”

It is. And we have your back. Holler if we can ever do ANYTHING for you or your credit union.

Now, on to this week’s reading pile.

• 4.4 million peeps left their jobs in September. (BI)
• Renters coming back to the city are seeing huge rent increases. (WSJ)
• Tesla, GM, Ford. (Ritholtz) An interesting opinion piece on innovation, disruption and the future.
• Lego’s customer service has four core values. (Inc.)
• DIY banking. (FB)
• Crypto.com just bought naming rights to Staples Center for $700 million. (CNBC)
• Pushing, pulling and leading. (Godin)
• The current state of the economy. (A Wealth of Common Sense)
• Some stunning credit and debit card designs. (FB)
• Taxis of the future will fly. (Forbes) Assuming folks will need a loan to get one…