Article
21st century co-operative
Develop and grow to provide better services and higher value
To provide their members with better services and value, credit unions should manage risk, strengthen governance and develop M&A strategies.
The Canadian credit union system is entering a period of fundamental realignment that will redefine how credit unions function. From how credit unions interact with their members to how they source shared back office services, all aspects of the system are undergoing a 21st century update.
These changes are being brought on by a combination of external factors including customer preferences, regulatory requirements, increased competition from the Big five banks, and internal factors such as the quest for scale via mergers and acquisitions (M&A).
Get big or get together
As the system evolves, credit unions will need to resolve conflicts that will arise between the two categories of co-operative: large organizations that have the scale and desire to act independently, and niche players that will need to cooperate to survive.
Read 21st century co-operative and learn how credit unions, Centrals and system strategic partners can act now to improve operations, manage risk, strengthen governance and develop M&A strategies to provide their members with differentiated services and true value in the 21st century.