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The Difference Between Purpose- and Profit-Driven Growth
from The Remarkable Credit Union
For younger generations, the notion of depositing a check at a branch is as antiquated as the notion of booking a flight at a travel agency. The financial landscape has evolved dramatically over the last few decades, and credit unions are working hard to keep pace. Consolidation and growth in the credit union movement have helped some credit unions stay competitive, but at what cost? Do credit unions that are focused on aggressive growth risk losing sight of their purpose? Are they able to effectively serve their communities? The answers to these questions are not definitive; a lot depends on the approach. We sat down with Derrick Aguilar, a 20-year veteran of the credit union movement and Chief Experience Officer at PenAir Credit Union (a PixelSpoke client), to talk about how credit unions have evolved over the last decades, and how they've stayed the same. We also addressed this month's BIG question: How can credit unions grow while never losing sight of their member experience, community roots, and commitment to financial health?
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