Apr 23 2009
A Road Map for Credit Union Collaboration
Operational efficiency is a critical competency for credit unions in this downturn. This report identifies key areas to decrease operational expenses through collaboration agreements.
Report Number 183
It is an understatement to say times have changed since this research project began in early 2008. In a little over a year we have seen a seismic shift in the world of banking. The likelihood of even more dramatic changes in the regulatory, competitive, and consumer front remains a near certainty. When the dust settles, what will the brave new world of banking look like? Will there be a burning platform that spurs credit unions to consider a dramatic shift in the way they operate? Does collaboration play a role? Are you willing to wait for the burning platform? All these questions make this research report that much more relevant.
What is the research about?
Michael Taylor, the lead researcher and a seasoned expert in getting diverse groups to collaborate, was tasked with developing a comprehensive road map for large-scale back-office credit union collaboration. Taylor interviewed, surveyed, and reinterviewed more than 150 senior executives in small, medium, and large credit unions, as well as consultants, vendors, and credit union trade association executives. This report lays out a credit union collaboration road map that avoids the likely hazards, identifies a range of suitable routes, and advises credit unions on how to continue or start the collaboration journey.
What are the credit union implications?
This study uncovers many hazards and reasons to “go it alone”; however, as the fog lifts and you get a glimpse of what the future may hold for your credit union, the platform on which you are standing may begin to smolder. Large-scale collaboration may be one of the evasive actions necessary for your long-term survival.
This report is sponsored by CO-OP Financial Services.