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Over the decades our strategic thinking has evolved from white branding channels and products to technology platforms permitting separate business divisions with totally different operating/cost models which exemplify coopetition under a single corporate umbrella- not cannibalization as some traditionalists contend. BNS has Tangerine, CIBC, Simplii, Economical Insurance, Sonnet, etc across markets nationally and regionally. You are only restricted by your strategic imagination and enterprise resources available directly or through amalgamations and collaborations. Other examples that come to mind are Redwood Credit Union's automobile brokering/financing business in California or even the Canadian payments processing operation owned by major competing banks. The strategic synergies possible are endless. Take any service which a significant percentage of customers/members can use such as real estate brokering, then say why not!

In fact we believe that digital divisions are under utilized in the credit union movement where natural philosophies and agilities exit. Take say 5/6 credit unions forming a collaboration for a group digital division without the burden of legacy systems and inflexible attitudes. The division can compete locally or be piloted in a different regional market without the high cost of a branch build.

Online shopping is changing financial services and everyone can have a digital solution.

Pat Palmer | Sunday, October 07, 2018 | Trackbacks (0) | Permalink

 


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