Supervisory committees should consider three questions central to their purpose of providing oversight to credit unions, says Tim Harrington, president of TEAM Resources:
“Asking these questions is how you can bring value to your organizations,” says Harrington, who delivered a supervisory committee fundamentals preconference workshop at the CUNA Supervisory Committee and Internal Audit Conference in Las Vegas.
Harrington closed the two-day preconference with a series of insights on technology’s impact on financial services:
He advises attendees to read the book “Bye, Bye, Banks” for insights on the disruptive forces reshaping the financial services industry.
The model is a carryover from ING Financial Services, which Capital One acquired, and has proven successful in Europe.
“Their goal is to get you into a branch,” Harrington says. “They’ll attract you with a drug—caffeine. And free Wi-Fi.”
He cites REI and Ace Hardware as examples of underdog businesses who earn loyalty thanks to knowledgeable and helpful staff, a model credit unions can mimic.
“Home Depot is like Bank of America,” Harrington says. “Just because they’re successful doesn’t mean you can’t be.”
“What we need to do is figure out what we’re going to be best at,” he says. “These are things your board should be thinking about on an ongoing basis.”