{"id":52659,"date":"2022-07-07T13:13:51","date_gmt":"2022-07-07T20:13:51","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/?p=52659"},"modified":"2022-07-07T13:13:51","modified_gmt":"2022-07-07T20:13:51","slug":"4-ways-credit-unions-must-evolve-to-survive","status":"publish","type":"post","link":"\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/","title":{"rendered":"4 ways credit unions must evolve to survive"},"content":{"rendered":"<p><b><a id=\"Highlights\"><\/a>Highlights<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This article on credit union evolution addresses the following key topics:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimizing your digital banking experience to create a digital-first environment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Using local branches as a storefront for community outreach and sales<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reviewing and fine-tuning your target market for resource efficiency<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Considering fintech partnerships to enhance your digital offerings to customers<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\t\t<\/p>\n<div class=\"download-form-widget download-cta-banner \" data-url=\"https:\/\/netstorage.ringcentral.com\/documents\/uc_selection_checklist_credit_unions.pdf\" data-id=\"6a122f6d6ce64\" id=\"6a122f6d6ce64\" data-form-type=\"cta download banner ENTERPRISE\">\n<div class=\"rc-post-content-cta rc-post-content-cta_download white\">\n<div class=\"img-rc-cta-download\">\n\t\t\t\t<svg width=\"290\" height=\"234\" fill=\"none\" id=\"svg--766193900\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n\t\t\t\t\t<path d=\"M213.846 96.959C222.78 130.299 257.048 150.084 290.388 141.15C323.728 132.217 343.513 97.9482 334.579 64.6087C325.646 31.2691 291.377 11.4839 258.038 20.4173L203.159 35.122C200.128 35.9341 198.329 39.0494 199.141 42.0803L213.846 96.959Z\" fill=\"#FF7A00\"\/>\n\t\t\t\t\t<path d=\"M153.092 88.4508C154.825 86.7179 154.825 83.9299 153.092 82.1969L81.1733 10.2785C79.4405 8.54566 76.6392 8.55885 74.9846 10.3437C35.9115 52.6218 35.9115 118.026 74.9846 160.304C76.6394 162.089 79.4535 162.089 81.1733 160.369L153.092 88.4508Z\" fill=\"#0684BC\"\/>\n\t\t\t\t\t<path d=\"M116.67 194.759L102.313 219.626C101.621 220.825 102.029 222.345 103.227 223.037L128.095 237.394C143.024 246.014 162.11 240.9 170.73 225.97C179.349 211.041 174.235 191.954 159.306 183.335C144.376 174.716 125.29 179.83 116.67 194.759Z\" fill=\"#FFCD00\"\/>\n\t\t\t\t\t<path d=\"M184.513 4.20398C184.94 5.7996 183.997 7.43423 182.401 7.86177L134.082 20.8089C132.486 21.2364 130.852 20.2926 130.424 18.697L117.477 -29.6222C117.049 -31.2178 117.993 -32.8524 119.589 -33.2799L167.908 -46.227C169.504 -46.6545 171.138 -45.7109 171.566 -44.1152L184.513 4.20398Z\" fill=\"#002855\"\/>\n\t\t\t\t\t<path d=\"M195.505 160.14C195.025 160.972 193.966 161.256 193.135 160.776L167.963 146.242C167.131 145.763 166.848 144.703 167.327 143.872L181.861 118.7C182.341 117.869 183.4 117.585 184.231 118.065L209.403 132.598C210.234 133.078 210.518 134.137 210.038 134.968L195.505 160.14Z\" fill=\"#205C40\"\/>\n\t\t\t\t<\/svg>\t\t\t<\/div>\n<div class=\"rc-content-cta-download\">\n<div class=\"bottom-cta-copy\">\n<div class=\"title-banner-cta-download\">Is your credit union transitioning to digital communications?<\/div>\n<div class=\"text-banner-cta-download\">Grab our handy unified communications selection checklist for credit unions. <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"rc-post-content-cta-footer\">\n\t\t\t\t<button tabindex=\"on\" on=\"tap:6a122f6d6ce64.toggleClass(class='open')\" class=\"open-modal-download-action rc-button\" type=\"submit\">\u2705Get the checklist<\/button>\n\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">What are the must-have features for your financial services communications platform? Find out with our free checklist.<\/div>\n<form class=\"download-form ENTERPRISE\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"enterprise download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog Enterprise\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"enterprise download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:6a122f6d6ce64.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\"> Enjoy!<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The pandemic escalated the rapid technological innovation taking hold of the financial services sector. Customers expect a modern, convenient, accessible, digital-first approach from financial services providers. This impetus places pressure on credit unions to evolve to compete and survive.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b><a id=\"How\"><\/a>How credit unions can evolve<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The primary challenge for credit unions that recognize the importance of evolution is figuring out where to begin. The following is a look at some of the vital ways credit unions can evolve that matter most.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\t<\/p>\n<div class=\"rc-subscribe\" id=\"new-rc-subscribe\"  style=\"background-image:url('\/us\/en\/blog\/wp-content\/themes\/ringcentral\/assets\/images\/temp\/subscribe.png')\">\n\t\t<button class=\"close js-popup-close\"><svg class=\"icon_close_mobile\" width=\"20\" height=\"20\"><use xlink:href=\"#icon_close_mobile\"><\/use><\/svg><\/button><\/p>\n<div class=\"rc-subscribe__wrapper\">\n<div class=\"rc-subscribe__wrapper_text\">\n<h3 class=\"rc-subscribe__title h2\">Stay informed with RingCentral<\/h3>\n<div class=\"rc-subscribe__subtitle\">Subscribe to our emails for the latest blogs, events, and exclusive content on AI-powered communication solutions. Stay ahead with insights and tips from the leader in trusted AI communications.<\/p>\n<p>\t\t\t\t\t<a href=\"https:\/\/www.ringcentral.com\/legal\/privacy-notice.html\" target=\"_blank\" data-dl-name=\"Privacy Notic\" data-dl-element=\"link\" data-dl-additional-info=\"social\" rel=\"noreferrer noopener\">Privacy Notice<\/a>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"rc-subscribe__wrapper_form\">\n<form class=\"\" data-event-init=\"true\" novalidate data-js-form>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<input\n\t\t\t\t\t\t\t\tname=\"email\"\n\t\t\t\t\t\t\t\tplaceholder=\"Email address *\"\n\t\t\t\t\t\t\t\ttitle=\"Must be valid email. example@yourdomain.com\"\n\t\t\t\t\t\t\t\tminlength=\"4\"\n\t\t\t\t\t\t\t\tmaxlength=\"255\"\n\t\t\t\t\t\t\t\ttype=\"email\"\n\t\t\t\t\t\t\t\trequired\n\t\t\t\t\t\t\t\tpattern=\"[a-z0-9._%+\\-]+@[a-z0-9.\\-]+\\.[a-z]{2,}$\"\n\t\t\t\t\t\t\t\tclass=\"field__control\"\n\t\t\t\t\t\t\t\tautocomplete=\"on\"\n\t\t\t\t\t\t\t\taria-required=\"true\"\n\t\t\t\t\t\t\t\tdata-dl-events-hover=\"true\"\n\t\t\t\t\t\t\t\tdata-dl-element=\"email\"\n\t\t\t\t\t\t\t\tdata-dl-additional-info=\"LET'S WORK TOGETHER\"\n\t\t\t\t\t\t\t\taria-label=\"Email address *\"\n\t\t\t\t\t\t\t\taria-errormessage=\"email-subscribe-errors\"\n\t\t\t\t\t\t><br \/>\n\t\t\t\t\t\t<span class=\"field__errors\" id=\"email-subscribe-errors\" data-js-form-field-errors><\/span>\n\t\t\t\t\t<\/div>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<select\n\t\t\t\t\t\t\t\tname=\"Country__c\"\n\t\t\t\t\t\t\t\trequired\n\t\t\t\t\t\t\t\tclass=\"field__control\"\n\t\t\t\t\t\t\t\taria-required=\"true\"\n\t\t\t\t\t\t\t\taria-expanded=\"false\"\n\t\t\t\t\t\t\t\taria-label=\"Country *\"\n\t\t\t\t\t\t\t\taria-errormessage=\"country-subscribe-errors\"\n\t\t\t\t\t\t><option value=\"\" disabled=\"disabled\" selected=\"selected\">Country<\/option><option value=\"Canada\">Canada<\/option><option value=\"United_States\">United States<\/option><\/select><\/p>\n<p>\t\t\t\t\t\t<span class=\"field__errors\" id=\"country-subscribe-errors\" data-js-form-field-errors><\/span>\n\t\t\t\t\t<\/div>\n<div class=\"rc-subscribe__row\">\n\t\t\t\t\t\t<button type=\"submit\" data-event-init=\"true\">Subscribe<\/button>\n\t\t\t\t\t<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"confirm-form\" role=\"status\" aria-live=\"polite\" style=\"display: none;\" aria-hidden=\"true\">\n<div class=\"confirm-form__text\">Thank you for your interest in RingCentral<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t<\/span><\/p>\n<h3><b><a id=\"Optimize\"><\/a>1. Optimize your digital banking experience<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Nothing matters more to survival for credit unions than optimizing your digital banking experience. The financial sector was already in the midst of a digital transformation before the pandemic, but the health crisis accelerated the pace. Banking customers want easy, convenient access to all of your products and features from their digital devices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following are some of the key facets of a comprehensive digital user experience:<\/span><\/p>\n<h4><b>User-friendly website\/app<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Your digital platforms must provide the information, resources, and products and services that your customers want. A personalized dashboard allows you to customize the experience for each customer, including a view of applications in process and current accounts.<\/span><\/p>\n<h4><b>Cross-channel support<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Support across all popular communications channels is now a customer expectation. People want the ability to connect with your agents wherever, whenever, and however they want. A unified communications system is necessary to support your team members and their ability to seamlessly shift interactions across channels.<\/span><\/p>\n<h4><b>Optimized security<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">There are a lot of security and privacy risks that come with digitized financial products and profiles. Therefore, it is imperative that you provide your team and your customers with the most advanced security features, including multi-factor authentication.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-52661\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2022\/07\/fin-serv.jpeg\" alt=\"Credit union customer uses laptop computer\" width=\"930\" height=\"621\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><b><a id=\"Leverage\"><\/a>2. Leverage local branches for community outreach and promotion<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The evolution of virtual banking has led to a gradual reduction over time in the number of physical branch locations for many banks and credit unions. However, the branch closure and decline trend has slowed somewhat over the last few years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Credit unions have shifted away from the conventional model of using branches primarily to facilitate routine banking transactions with customers. Typical services are still available to customers. However, branches are more often used as storefronts to establish a presence in the community and promote the products and services of the business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The changing structure of branches allows for a smaller space with a leaner operation. Controlling costs is also important to staying competitive and achieving profit. Frontline representatives focus on engaging prospects for accounts, loans, and other financial products. A newly designed credit union branch is helpful in trying to overcome the stigma that credit unions are old and outdated.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b><a id=\"Review\"><\/a>3. Review and fine-tune your target market strategy<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">To compete, your credit union needs to maximize resource efficiency. Part of resource efficiency centers on your promotional budget. To design your business, products, and promotional strategy for success, it is necessary to precisely identify the target market or markets for your business and products.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many credit unions have turned their attention toward small businesses in recent years. Part of the government funding for COVID relief centers on small business loans, and lawmakers have urged banks to support small companies trying to get back on their feet following pandemic disruptions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether your goals are to attract consumers away from traditional banks, gain business with the small business market, or both, clearly communicate with local customers. Help them understand the nature of your products and why credit unions are a sensible alternative to the traditional bank.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b><a id=\"Embrace\"><\/a>4. Embrace fintech and explore opportunities<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">FinTech has infiltrated the banking system at a rapid pace. Application providers offer products and services on a standalone basis, or partner with banks to enhance the value of their financial products and services. The rapid growth in fintech has created both challenges and opportunities for traditional banks and credit unions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buy-now, pay-later programs have grown in popularity. These are point-of-purchase financing offers to buyers that allow them to make a purchase with flexible payment options. Direct access to financing at the time of purchase is much more convenient for customers than having to access loans from another source. Most of these types of programs involve a collaboration between a retailer and a fintech application developer. Fintech companies have also led to more banking competition in the form of virtual banks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the temptation to view fintech as a competitive factor, it is better to consider how a collaboration could contribute to your evolution. The goal of most of the fintech-bank partnerships to date has been to offer customers seamless financing in conjunction with a purchase or to enhance digital offerings to customers.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b><a id=\"Evolve\"><\/a>Evolve with RingCentral<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Evolution is no longer optional for credit unions. You must adapt or die in the modern financial arena. If you haven\u2019t already done what you can to grow in the ways discussed here, the sooner you do so, the better.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Building up your communication technology infrastructure is one of the best places to start your process. A unified communications solution is central to efficient and effective interactions among employees and between your representatives and your customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">RingCentral has one of the best cloud-based, cross-channel communications solutions available. It enables seamless transitions from one communication method to another, while ensuring security and privacy for your customers. <\/span><a href=\"https:\/\/www.ringcentral.com\/view_demo.html?__mscta=2881_91753_3444\"><span style=\"font-weight: 400;\">See how it works<\/span><\/a><span style=\"font-weight: 400;\"> and learn how it can help you fast-forward in the evolution process.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights This article on credit union evolution addresses the following key topics: Optimizing your digital banking experience to create a digital-first environment Using local branches as a storefront for community outreach and sales Reviewing and fine-tuning your target market for resource efficiency Considering fintech partnerships to enhance your digital offerings to customers The pandemic escalated &#8230;<\/p>\n","protected":false},"author":1121,"featured_media":52660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18836],"tags":[6926,17584],"class_list":["post-52659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-cloud-based-communications","tag-member-experience"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>4 ways credit unions must evolve to survive | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"In an increasingly competitive financial services environment, credit unions must adapt or die. Learn the most important ways in which they must evolve.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 ways credit unions must evolve to survive\" \/>\n<meta property=\"og:description\" content=\"In an increasingly competitive financial services environment, credit unions must adapt or die. Learn the most important ways in which they must evolve.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/\" \/>\n<meta property=\"og:site_name\" content=\"RingCentral Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ringcentral\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-07T20:13:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/wp-content\/uploads\/2022\/07\/credit-unions.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"930\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Glen Tillman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ringcentral\" \/>\n<meta name=\"twitter:site\" content=\"@ringcentral\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Glen Tillman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/#article\",\"isPartOf\":{\"@id\":\"\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/\"},\"author\":{\"name\":\"Glen Tillman\",\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/#\/schema\/person\/c393a2d4daaa4a5f1b0a6c327551bb36\"},\"headline\":\"4 ways credit unions must evolve to survive\",\"datePublished\":\"2022-07-07T20:13:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/\"},\"wordCount\":1025,\"publisher\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/#primaryimage\"},\"thumbnailUrl\":\"\/us\/en\/blog\/wp-content\/uploads\/2022\/07\/credit-unions.jpeg\",\"keywords\":[\"cloud based communications\",\"member experience\"],\"articleSection\":[\"Financial services\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/\",\"url\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/\",\"name\":\"4 ways credit unions must evolve to survive | RingCentral Blog\",\"isPartOf\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/4-ways-credit-unions-must-evolve-to-survive\/#primaryimage\"},\"thumbnailUrl\":\"\/us\/en\/blog\/wp-content\/uploads\/2022\/07\/credit-unions.jpeg\",\"datePublished\":\"2022-07-07T20:13:51+00:00\",\"description\":\"In an increasingly competitive financial services environment, credit unions must adapt or die. 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