Sound Advice

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FEATURED POST | 09.29.2014

Credit Unions – Cooperate or Die

Mark Berman, Principal & Co-Founder, Horsetail Technologies

Technology has been a blessing and a curse in the financial industry.  Twenty years ago, even ten years ago, there were significant differences between credit unions and banks.  Interactions were much more personal.  The banker who was familiar with his or her clients excelled in making loans with funds from trusted depositors.  Credit unions understood a lot about their members because of the common pool from which they were drawn.

These relationships translated into a better understood risk portfolio that could be customized into product offerings that appealed to membership.  Branches could be located in the nerve centers of membership communities and, of course, the branch was the focal point for personal financial business.

Fast forward to 2014.  Technology has made the branch a...

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