180-Second Exercise – Challenger Banks
February 26, 2020
3 minute read – There are more challenger banks entering the market – creating new and non-traditional competition for credit unions. The challenger banks are often touting unique approaches, products, and features as a way of attracting new customers. With this new competition comes questions of how credit unions will continue to compete and thrive.
These questions are great for a 180-second exercise. In a previous blog we explained that 180-second exercises are a great way to practice brainstorming and thinking creatively about the different questions, concerns, and changes in the economy and consumer behavior – fast!
In this case, a great question for a 180-second exercise is:
What are 20 innovations, products, or features challenger banks are touting that credit unions are doing as a normal course of business?
It can be easy to focus on potential concerns and risks when thinking about changes in the competitive landscape. Taking the opposite approach and identifying potential positive outcomes might highlight opportunities that the credit union can take advantage of to help compete and thrive.
Challenger Bank Examples: