By: Pat Voss, AVP Member Outreach
Many of you have completed and implemented your operational and strategic plans for the upcoming year(s). As we all know, the competitive landscape continues to rapidly change right before our very eyes, making it harder and harder for us to keep our eyes on the bouncing ball and our fingers on the pulse of competitive issues.
Recently an ICUL member credit union told me about the website www.maxmyinterest.com and I felt compelled to share it with our blog readership. Some of you may already be aware of this site. I was not familiar with it but after I reviewed the content I immediately realized it could be an external threat to credit unions. Credit unions already have fierce competition from other brick and mortar financial institutions as well as online financial service providers. The online concept provided by this website could attract a lot of consumer attention, especially those chasing the best rates in town. The millennial market may be attracted to it as well.
The purpose of today’s blog is to simply share this website with all of our blog readers and invite you to check it out. As you review the site, consider the implications if this type of competition continues to grow and expand beyond the limited market it identifies.
I encourage you to share this website with your Board of Directors during a planning discussion. The concept of a one stop online shop to guarantee the best rate of return while keeping funds covered by federal deposit insurance may be an eye opener regarding the challenges faced by your credit union as it works to build market and wallet share.
Hope you find this information interesting and useful as you plan and develop a strategic vision for the future.
Looking forward to seeing all of you in April at the ICUL Annual Convention in Chicago.
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