2 minutes
Any credit union veteran who remembers core software WorldWorks (which, ironically, never did work) will tell you that being an early technology adopter can be a bitter experience. In fact, research reported by Forbes indicates that “first movers had a 47 percent failure rate and that ‘companies that took control of a product’s market share after the first movers pioneered them had only an 8 percent failure rate.’”
Two recent financial innovations bear out the value of being a fast follower: mobile check deposit and apps allowing consumers to freeze their own credit cards in the event of loss or fraud. While Chase and Capital One, respectively, innovated the offerings (and supported them with highly visible national advertising campaigns), credit unions quickly launched their own versions at a fraction of the initial investment cost.
Certain CUs, however, like Silicon Valley’s Tech Credit Union, have an inherent need to be first movers, as CEO Todd Harris explains in one of our articles this month.
With $2 billion in assets, Tech CU is better equipped than many credit unions to make the necessary investments. But $43 million Mt. Lehman Credit Union, Mt. Lehman, British Columbia, proves that limited financial resources need not limit innovation. In fact, Mt. Lehman CU distinguishes itself from larger competitors by innovating its own technology solutions, says General Manager Gene Blishen in “Timing the Leap.”
Timing is also key in career decisions. And, after 31 years with CUES, I am sad to say this is my last CU Management column. I’m taking a huge entrepreneurial leap and going into business as an antique dealer. There is something about uncovering a small relic of a previous generation and uniting it with a welcoming new owner that makes my spirits soar!
It’s a scary, and maybe crazy, move, but it’s the right one and the right time for me to make it. As if to reaffirm my decision, as I started my fast follower research for this column, my last day on the job, I received this Forbes quote of the day:
“Throw yourself full throttle in the direction of what consumes your thoughts and ambitions.” ~ Samantha Wills
As I charge headlong into this new adventure, I want to thank all my credit union friends for the thoughtful conversations we’ve had at CUES events, your participation in CUES Net™ and your willingness to share your stories in this magazine. I will miss you all!
Mary Auestad Arnold
Editor and Publisher
