Presidents Message

Collaboration is a big buzz word in our industry. We hear it at conferences, we use it in internal meetings and everything in between. It seems I can’t go more than a day or so without encountering someone (sometimes me) using the word. I wonder, however, if we all have a common understanding of what it means to collaborate. Because it must mean more than simply “working together,” right?

While most of our work communities operate through Microsoft Teams or some other “collaboration software,” there has never been a better opportunity to consider the deeper meaning of what it means to collaborate, and how collaboration differs from cooperation.

Effective collaboration requires that the collaborators share the same (or at least complimentary) goals. When small credit unions get together to purchase a shared service, they do that in order to achieve better pricing. When large credit unions share resources with smaller credit unions, they create a stronger industry and more happy credit union members. Understanding and sharing the specific goals to be achieved is the best recipe for achieving those goals. 

In terms of market share compared to banks, Connecticut credit unions lag the national average. Closing that gap is a noble desire, but it will remain forever out of reach until we set a goal, share it, and work together to achieve it.

As always, thank you for the opportunity to serve you another week.
Bruce