Can a credit union double in size in five years? You bet, says Kirk Kordeleski, a senior consultant with Best Innovation Group and before that, CEO of Bethpage Federal Credit Union on Long Island where he did exactly that.
Kordeleski points to Navy and also BECU as examples of other credit unions that have also experienced exponential growth.
How? That is why you want to listen to this podcast. He gives the recipe, in some detail, here. Boiled down it’s think competitively and believe – really believe – you can use inherent credit union advantages such as tax exemption to take a billion or more in dollars of business away from money center banks who very probably won’t even notice it is gone.
There’s more in this podcast. Kordeleski also tells why this is a time of immense, perhaps unprecedented opportunity for credit unions. Use digital and use data to allow your institution to expand in ways that a generation ago would have been unimaginable.
The bad news: a decade from now the number of credit unions may be about half what it is today. Expect 2000 credit unions to vanish in the next decade. You don’t want to be among them? There are plenty of survival tips in this podcast.