After Serving as CUNA Board Chair in an Historic Year, Troy Stang Looks to the Industry’s Future
Stang urges credit unions to accelerate adoption of digital technology to remain relevant and grow market share.
Credit unions must continue to share their real member stories with lawmakers so that they understand how critical they are in the lives of millions of Americans.
That’s the message Troy Stang, President and CEO of the Northwest Credit Union Association, underscored today with credit union advocates during his outgoing Chair’s address at CUNA’s Annual General Meeting. His full address is available for online viewing here.
Stang was elected as CUNA Board of Directors Chair in February 2020, serving during a year that saw credit unions working around the clock to meet members’ urgent financial needs and demand for digital technology soar.
“Credit unions across America demonstrated time and time again throughout 2020, how to cooperatively generate and deliver real tangible value to the members they serve,” Stang said.
Credit unions waived millions in fees, modified loans, and rapidly responded to put money into the hands of people when they needed it most. Across the nation, credit unions funded nearly $9 billion in PPP loans at the peak of the pandemic, providing a financial lifeline to thousands of small businesses.
The stories are undeniably powerful and must be shared with lawmakers, so they understand that credit unions’ not-for-profit structure is what enables the industry to deliver tangible value to members, and that value has a direct, positive impact on their constituents.
“Every credit union has a diverse and unique story to tell, yet what aligns us is one central mission: enriching members’ financial lives. Members’ stories validate this time and time again,” Stang said.
Growing Connectivity Through Digital Adoption
Changes in the financial services market are rapidly accelerating, and digital adoption in the regulated financial services space is critical for credit unions. To remain relevant to the marketplace and grow market share, credit unions must strike the right balance between human connectivity and digital services, Stang told advocates.
“The transformation race is about reimagining how we bring people together through leveraging technology, data, and process to ultimately create value for consumers. And doing that successfully is not forgetting that at the center of all of this is human connectivity,” he said.
Last year, credit unions proved they are up for the challenge, as they constantly shifted gears to meet members’ technological demands.
“We must keep our foot firmly on the gas, as we accelerate through curves,” he stressed.
Stang has served on CUNA’s Board of Directors since 2013, holding several seats, including Chair, Vice Chair, Secretary, and Treasurer. He will remain on the Board, continuing to serve in the formal capacity as immediate past Chair. At next year’s CUNA GAC, he will conclude his third, three-year term.
He concluded by thanking the many credit union professionals who have supported him throughout his life-long journey as a credit union advocate and paused to appreciate all the credit union people nationwide who have worked tirelessly every day to serve their members.
“I leave you with this closing thought: remember it’s only us and our members, who can best tell the credit union story. No one else is going to do it for us.”
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