How Credit Unions Can Scale Without Sacrificing the Member-Centric Approach
Last year, credit unions made deals to acquire a record-breaking 22 banks – the highest number in any year. This trend underscores their plans to diversify into business lending and expand their geographical reach. Supporting this notion, the recent Acquired or Be Acquired conference in January highlighted that M&A activity will likely accelerate this year following the November elections, driven by credit unions' focus on growth and expansion.Yet the economics related to operating a financial institution remain unchanged. To grow, credit unions must innovate by investing in digital transformation, personalized member experiences, and backroom efficiency improvements to allow for scale. Otherwise, they risk growing at an unsustainable rate that jeopardizes member service. As credit unions...