What's Inside? What's Out?

One traditional way to describe a credit union is by the work that the organization does. A credit union takes in savings and makes loans, or runs branches or provides exceptional member service. These tasks are mostly carried out by credit union employees. The business challenge then becomes identifying and developing these core competencies better than any other firm. However, today virtually every activity that is believed to be core to what a credit union does can be outsourced. This reality raises the question about what should be done by a credit union's own staff and what should be outside the firm. A bigger issue is also raised of exactly what does it mean to be a credit union?