ANAHEIM, Calif. – The current credit union business model may no longer be relevant to today’s financial services market, said Callahan & Associates President Chip Filson as he addressed the California and Nevada Credit Union Leagues’ convention and annual meeting.
Filson listed some troubling trends occurring throughout the industry, including a slowdown in growth, an inability to attract new members, and an increase in charter conversions.
Two major forces, financial pressures and changes in membership dynamics, have caused these trends, Filson said, adding that these forces cannot be overcome using current business models.
Instead, credit unions must embrace innovation in order to survive and succeed.