For credit unions, the reality is that they find themselves competing in the same
space occupied by banks, brokerage firms, and a host of other financial service
providers to become their members or household's one-stop financial services solution
provider. In addition, most financial institutions are experiencing some form
of spread compression in their net interest margin. Whether operating as bank
or credit union, the economic reality is the same: financial solution providers
are being forced to operate more efficiently. Using the virtual channel as a tool
or transaction driver is one way financial institutions are becoming more efficient.
By making the website both an educational resource and a platform for transactions,
it's possible to differentiate the institution solutions from the competition.
The offshoot at the very least is a better service to the member.
The Vice President of E-business Development at Fidelity Investments recently
remarked that, " it would be naive for us to think one firm can corner
the market on financial information. Partnering with the Net's best providers
will only service to strengthen our brand integrity." An interesting lesson
here is that even a firm as large as Fidelity, with its name brand and reputation
is thinking how the virtual channel can strengthen their brand and drive transactions.
Stated another way, they are using the web to grow their business and are aware
of the fact that partnering makes good business sense.
Strategic partnerships are integral to your credit unions online success. Examples
of key partnerships for credit unions would be: home banking providers, live
stock quotes, online trading applications and account aggregation. Increasingly,
credit unions are outsourcing content management. Members go to your website
for information, and if you can outsource the content portion of this site to
a professional you can rest assured you will be giving your members the best
content available, all the while ensuring your branding and quality standards.
Financenter.com the leading provider of online calculators has begun to offer
professional content to credit unions who wish to help educate their members
on important financial decisions. For more information call Jon Jeffreys at