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Embracing the Pain of Compliance: How it Gives Your Credit Union an Advantage over Apple, Amazon and Google

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CU ADVANTAGE : KEVIN KAMMER

Is the mere thought of complying with financial rules, requirements and regulations enough to induce a headache? It might be time to shift your mindset from compliance obligations being burdens to opportunities. Learn how leveraging these obligations could be the ticket to attracting and retaining members. Doing so just might give you a competitive edge over the big-league digital payment-processing competition.

Embracing the Pain: the Trust Factor

Embracing the Pain the Trust FactorThe cost and complexity of running a financial institution is no small matter. There are capital requirements, significant compliance requirements and investments that must be made to ensure the operation does not inadvertently run afoul of regulators. And those are just the basics, the table stakes, the cost of doing business. In order to succeed, you must offer products and services that will attract and then convince people that they should do business with you.

Credit unions are able to position themselves uniquely when it comes to their value proposition to consumers. They offer individuals the option of becoming a member in a nonprofit financial services organization that is beholden to its members and not shareholders. In a society where a majority of
individuals question whom financial institutions actually serve, this is an attractive concept. However, credit unions and other financial institutions seldom see their regulatory and compliance
obligations as a unique selling proposition that can attract and retain members and customers.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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