Robert Fouch
MUSKEGO, Wis.—Credit unions will be just as strong and relevant in five years as they are today due to their personal connection with members, asserts Robert Fouch, president and CEO of Corporate Central CU.
Fouch—participating in CUToday.info’s special report, “Credit Unions 20/20,” which offers numerous viewpoints, strategies and more for building a successful path to 2020—said he recognizes that credit unions must continue to embrace new technology in order to keep pace with consumer needs and desires.
“But all tech and no touch is not the track of the future,” asserted Fouch. “Human connection is, and always will be, vital to the survival of any in the financial services industry. Credit unions have the advantage here. They are particularly poised to thrive in the next five years and beyond because the touch end of the credit union experience is the industry’s cornerstone. The wise balance of tech and touch, which credit unions offer, will keep them at the forefront of relevance, innovation and service.”
Vet New Solutions
While new technology plays a key role in providing better service to members, Fouch cautioned that jumping onboard with a new solution before it is vetted can backfire on the credit union. “The trouble with being the first at introducing new technology without thorough vetting is that you may end up repelling more consumers than you attract.”
Fouch recognized that R&D for new products and services is costly, often making it difficult for most credit unions to be technology leaders.
“Corporate Central Credit Union can help these credit unions by vetting new products and services before any individual credit union gets stuck with something faulty,” said Fouch.
Fouch said a challenge he sees over the next five years is assessing membership needs and wants, with reliable, comprehensive data and a “willingness to dig deeper with feet on the ground and face-to-face fact finding—human understanding implemented in big and little ways. The credit unions that stay connected to their members and try to understand their individual member needs will continue to be the most successful.”
Millennials, Fouch pointed out, are finding quicker ways to gather information to help them shape their lives—with social media playing a large role. The credit union difference, as told through social media outlets, is gaining momentum, explained Fouch.
Story Remains Same
“Those folks who rank, friend, praise and condemn financial service providers online are multiplying rapidly,” said Fouch. “Credit unions have historically provided the best service and I don’t see any reason why that story line wouldn’t continue. Those who provide the best service are in the best position to survive and thrive.”
Fouch explained that being the credit union for natural person CUs, that it’s Corporate Central’s “duty” to be safe, strong and dependable at all times, so that no matter if it’s now or five years from now, CCCU will be available to credit unions as a “deeply committed, trusted partner.”
“Greatness comes in the little things we do every day for individuals. We are in a very unique role,” said Fouch about being a CU for CUs. “Our members are our owners. These are the people we provide services to and the people we answer to every day—so we are always driven to assure their long-term growth and safety. Necessity dictates we lead them by developing and delivering products and services to them that they may not yet know they will need.”