It will be important to pursue such strategies in a fashion that does not jeopardize member trust. As with nearly all American businesses, credit unions made significant investments in technology in response to the Y2K issue. As a result of those technology investments, credit unions are better prepared to meet the technological needs of their members. There will be a need for continued investment as members pursue the convenience of online and other delivery options. Credit unions' lack of extensive branch networks, a historic competitive disadvantage, is less relevant as a result of the growing ability to serve members remotely.
Human resources are the single most important credit union asset.
Credit unions must recruit, train and retain staff with capabilities and values consistent with their member service culture. In addition, it will be necessary to increase the capability of staff to provide advice and counsel to members requesting a more sophisticated array of financial services. Some credit unions are pursuing strategies that include dedicated business development staff to grow their SEG business. Creating relationships with SOHO owners, similar to those built with original credit union sponsors, could result in significant additional penetration of credit union services to those employees. In addition to traditional offerings of business checking, deposit and lending services, credit unions might consider providing business support services.