NEW YORK (5/28/13)--Credit unions are David to the banks' Goliath, and credit unions should look to use their smaller size to their advantage in a financial services arena that is as unsettled as it ever has been, said author and reporter Malcolm Gladwell. He will keynote at this year's America's Credit Union Conference, June 30-July 3 in New York City.
Gladwell was interviewed for a feature article in Credit Union Magazine by Paul Gentile, executive vice president, strategic communications and engagement, at the Credit Union National Association, which presents the conference.
Gladwell is known for turning conventional wisdom on its head as he does in his soon-to-be-released book, "David vs. Goliath."
"I am interested in the idea that a lot of our intuition about what is an advantage and what a disadvantage is are wrong--that we confuse those two things," Gladwell said. "We can make a list of things that help us or hurt us. I think the wrong things are on the list."
Future success is not ensured by being more powerful in the marketplace, because bigger is not always better, Gladwell explained.
"They [bigger institutions] innovate less," he added. "They have less of a need to talk to their customers. They are less nimble. Prestige can limit you. People who are No. 1 in a marketplace have a smaller degree of freedom.
"True innovation comes from the marginal people who push innovation into the center," he concluded.
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