By Paul Ablack
Amazon is featured as an “Analytic Competitor” in the book Competing On Analytics by Thomas H. Davenport and Jeanne G. Harris. At the time of its founding, Amazon was a new entrant in a very mature market. Within ten years it had become a market leader and witnessed the decline and eventual bankruptcy of the Borders Group, one of its most formidable competitors. But why is this story relevant to credit union leaders?
I am an enthusiastic supporter of the flourishing Credit Union movement. Since 2009, the industry has experienced an unprecedented growth in membership, net assets, ROA, and capital. From a business perspective these are noteworthy achievements, but I don’t see a true industry-wide leapfrog strategy in place capable of propelling credit unions into the next competitive tier. I think a lot can be learned from the recent history of Borders and Amazon when I look over the changing landscape of today’s credit unions.