For credit unions, there is a great equalizer out there that’s allowing them to keep up with the banks that want to put them out of business. Banks are making life hard on credit unions, of course. They’re giving consumers more online options and creating national networks that provide precisely what the cosmopolitan public is looking for. Credit unions are fighting back, though, by finding ways to give customers a higher level of service. Luckily for them, there are companies that cater to credit unions, giving them what they need in order to meet emerging consumer needs.
Companies like Lanvera.com are increasingly providing credit unions with the technology necessary to produce high-level statements for their clients. The one thing that the credit union can offer that the bank cannot is a personalized type of service. They can go against the grain during an age when banks are now looking to save money by cutting back on the information they provide to consumers. With credit union statements that include all sorts of different facts and figures, those companies like Lanvera are putting out something of great value to both the credit unions and the consumers that those unions serve.
Credit unions are also finding that one of their biggest challenges is keeping up with the changing body of law that seeks to keep them in line. The federal government is almost constantly making changes to regulatory schemes. Credit unions are busy doing the hard work of managing client accounts on a daily basis. Without having a monster legal team to keep up with these issues, credit unions are sometimes the last to know when a relevant law has changed. The good news today is that credit unions can rely upon the assistance of good companies around them to keep them in compliance with the law. This has led to a decrease in mistakes for credit unions while raising their levels of service, as well.
Perhaps the modern credit union is not a dinosaur. Perhaps it is not dying out even though the big banks continue to flex their muscle over the little guy. The good news for people who run credit unions and work in them is that good companies are providing services that allow credit unions to give more value to clients who might just be tired of the way that the big banks do business.