SPOKANE, Wash.–While describing ongoing attacks by banks on credit unions as “mind boggling,” and acknowledging his own experience in signing up for Apple’s new Apple Card was quick and easy, Troy Stang says credit unions have no reason to worry.
Stang, CEO of the Northwest Credit Union Association, opened the group’s MAXX Conference here by calling the tactics being deployed by banks “ridiculous. But they’ve become so expected. They wait for any opportunity to throw credit unions under the bus to cover up their own behavior.”
What’s saddest and most “flawed” about the bankers’ strategy, said Stang, is that the real issue is “financial insecurity remains top of mind for so many of our neighbors and friends.”
“There is so much more work to do,” said Stang “Financial insecurity exists almost everywhere. Fifty-five percent of the people living in this nation struggle with some financial aspect of their lives. Twenty percent of people say their biggest financial insecurity is a health-related issue will wipe out savings.”
Stang added 35-million Americans regularly use check cashing services.
What a ‘Little Research’ Shows
As to other threats to credit unions, Stang said he “did a little research” on whether the Apple card is as easy to get and use as advertised, and found it is. In less than 15 seconds and with just a few clicks, Stang said he received the card.
“Does this worry me for credit unions? Absolutely not. Does it make me want to ensure we’re paying attention? Absolutely, yes,” he told the meeting. “Credit unions have access to everything you need to deliver just like Apple. You have a full menu of products and services, digital banking, and yet your biggest value proposition is two-fold: the first is you customize a suite of services for that member in a modern, relevant manner that is focused on where that consumer is going. And second, and most important, you are delivering it with a human connectivity that will never be replaced by technology.”