NWCUA’s Stang Sees 75% Market Share by 2025

CONTACT:
Lynn Heider
503.350.2225
503.329.7208 (Mobile)

NWCUA’s Stang Sees 75% Market Share by 2025

SEATAC, WA —Troy Stang, President & CEO of the Northwest Credit Union Association (NWCUA) shared his strategic vision for “2017 and Beyond” with hundreds of movement leaders who attended the annual MAXX Convention in SeaTac, Washington last week.

The headline: Stang sees 75% market share by 2025. At this time nearly 50% of those who call the Northwest home, belong to a credit union. Effectively communicating the credit union difference so nonmembers understand the benefits will be key, Stang said. His defining moment came this summer when he visited an Apple store to get his iPad repaired. Of course he took the opportunity to share the CU message with the employee, Stang told the MAXX audience. He shared a humorous version of the dialogue that at first had Michael, the employee, confused about what credit unions do. Other employees who belong to credit unions then came over and asked the employee why he would want big Wall St. banks to put their hands into his wallet.

“That’s when the light bulb went off for me,” Stang said. “The Michaels of the world don’t get our lingo. The Michaels of the Northwest are both our challenge and our opportunity.”

While economic trends, competition and rapid technological change have challenged the credit union model, Stang asked that attendees not shy away from this change, but to “lean in and invite it,” and by sharing both the stories of their work, and hard data on their impact, with legislators and regulators.

The Call for 75% Market Share

Stang challenged MAXX attendees, their Boards and 15,000 employees to each be ambassadors exciting the 75% market share he sees by 2025.

“I recognize it’s a tall order, but collectively, I believe it’s a goal we can reach,” he said.

By equipping and connecting credit union leaders and staff, and the members they serve, with the ability and desire to advocate for credit unions, Stang noted that credit unions can continue to expand their influence and drive change by connecting at hyper-local levels of advocacy, “MAXXimizing” their influence across the board.

Bringing credit union advocacy to local entities and points of contact, such as school boards, chambers of commerce, city councils and similar groups, Stang said the Credit Union Difference can take hold for more people, enabling them to become “fierce ambassadors” of credit unions in their communities.

Stang pointed to the recent Presidential primary, where 26 million Americans voted for Senator Bernie Sanders and Donald Trump.

“Each of those campaigns was fueled by a multitude of issues,” he said. “But at the heart of both? Consumer sentiment, and a desire for the voice of the consumer to be heard,” calling it real market potential for credit unions.

Stang ended by asking those in attendance to find their own Michaels, and create their own case studies.

“Every one of us has a hand in the future success as a Movement,” he said. “Every day when we interact with members, we have the chance to ignite and inspire them to become ambassadors.”

<END>

The Northwest Credit Union Association is the not-for-profit trade association representing 154 of Oregon and Washington’s credit unions. Northwest credit unions returned $352 million in direct financial benefits to their 5.2 million members last year. The NWCUA is the voice of the Northwest credit union movement, providing legislative, regulatory and public advocacy in addition to education, compliance, networking support and business solutions to credit unions. For information on how to join a credit union, please visit http://www.asmarterchoice.org.

Download a Copy of the Release

 

Posted in Economy, Industry Insight, NWCUA.