Finding its niche is the “secret sauce” to success for a small credit union in 2018, wrote Gary Parker, chair of CUNA’s Small Credit Union Committee Friday. Parker, who also serves as president/CEO of 1st University CU, Waco, Texas, wrote an op-ed in Credit Union Times, the second part of a series.
“It’s not the upper hand in all facets of financial services, of course – even billion-dollar credit unions struggle with scale and focus, which should give you an idea of how important this is for smaller credit unions – but rather an advantage in one narrow area that gives you the ability to stand out,” Parker wrote.
His piece names several examples of credit unions that have seen success after reevaluating its function and shaping its strategy going forward with a clear focus.
Examples he cites include:
Parker also notes that CUNA will host its first-ever Small Credit Union Strategic Planning Workshop at the 2019 CUNA Governmental Affairs Conference.