When planning for the future, CUs have to provide members with what they want, said Ivan Askwith, a producer and consultant who was head of digital for Lucasfilm. The reason the railroad industry collapsed, Askwith said, is because “they thought they were in the business of railroads instead of transportation.”
To avoid a similar fate, CUs need to offer members what they want, tell them what they want to hear, and forge stronger connections with them. Drawing parallels to the world of entertainment and brands such as “Star Wars,” Askwith said members will use your services but fans “will evangelize for you.”
“When fans love something they actually fight for it,” Askwith said.
The NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.