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CU 2.0: A Guide for Credit Unions Competing in the Digital Age Kindle Edition

4.4 4.4 out of 5 stars 54 ratings

In recent decades, credit unions have seen unprecedented threats, due in large part to an eighty-year-old business model and an inability to adapt quickly to a digital economy. But Kirk Drake has devised a powerful plan to revitalize these noble institutions, making them more competitive, more creative, more connected with their membership, and more in tune with the times.

A serial entrepreneur focused on credit-union technology, Drake has written a must-read manual for every CU board member, CEO, and management team in America. The first and only book of its kind, CU 2.0 offers essential strategies for leveraging the latest technologies to facilitate organizational growth and foster more even competition with the banking industry. With the tools provided here, the CU of tomorrow will be better equipped to empower its employees, while giving its members the superior financial service they want and need.

It’s time to be innovative and bold, to challenge long-standing inefficiencies and move away from the “old school” methods of doing business. CU 2.0 provides the skills, the savvy, and the fresh ideas necessary to finally transport the credit union out of the twentieth century and into the twenty-first.

Editorial Reviews

Review

Kirk is dynamic, powerful and fun. The audience will walk away inspired and with actions they can take immediately for more success. He creates an inspirational and energizing environment that provides attendees with tools and insights to become the agent for effective change across their organization. Kirk is very genuine and brings a lot of realism and practical thinking to his work. I'm confident that those who apply his experience-based tips will improve their performance.Jesse Boyer, SVP and COO, NIHFCUKirk Drake is a Visionary in the credit union industry! He understands where technology is headed and how we can harness those trends to benefit credit unions.This book promises to challenge your thinking about technology and about credit unions, and give you new insights into how we can compete effectively in the future. Martin Breland, President/CEO, Tower FCU, Director - NAFCU Kirk is an excellent speaker! He addresses topics in a unique way, transferring his knowledge with a creativity that engages his listeners. Lori Gall, CAO, VIZO Financial Corporate CU When it comes to playing Futurist, Kirk is a good bet for all of us in the credit union industry to listen to. He is always insightful and grounded in his significant execution experiences making him a passionate and enthusiastic speaker. One of our best!Paroon Chada, CEO, Passageways, LLC I have known Kirk for about 10 years, and he is one of the most innovative, energetic, and creative minds in the industry.Mark Zook, CEO, MAPS CU, NACUSO Chair
Kirk started Ongoing Operations about the same time that SECU joined OTS (Open Technology Solutions) with two other large credit unions. Since the beginning, we have shared the same vision--that credit unions need to collaborate to gain scale and refocus ALL of their energies on their digital service strategies in order to have a chance at success. We have gone on to create S3, our second operational CUSO that frees up our focus. Through CU2.0, Kirk furthers this vision by providing a great blueprint for how credit unions can quickly engage in their digital futures with real actionable tools today.Rod Staatz, President/CEO SECU, CUNA Chair

From the Back Cover

In recent decades, credit unions have seen unprecedented threats, due in large part to an eighty-year-old business model and an inability to adapt quickly to a digital economy. But Kirk Drake has devised a powerful plan to revitalize these noble institutions, making them more competitive, more creative, more connected with their membership, and more in tune with the times.

A serial entrepreneur focused on credit-union technology, Drake has written a must-read manual for every CU board member, CEO, and management team in America. The first and only book of its kind,
CU 2.0 offers essential strategies for leveraging the latest technologies to facilitate organizational growth and foster more even competition with the banking industry. With the tools provided here, the CU of tomorrow will be better equipped to empower its employees, while giving its members the superior financial service they want and need.

It's time to be innovative and bold, to challenge long-standing inefficiencies and move away from the "old school" methods of doing business.
CU 2.0 provides the skills, the savvy, and the fresh ideas necessary to finally transport the credit union out of the twentieth century and into the twenty-first.

Product details

  • ASIN ‏ : ‎ B0731TW1YT
  • Publisher ‏ : ‎ Lioncrest Publishing (June 20, 2017)
  • Publication date ‏ : ‎ June 20, 2017
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 3718 KB
  • Simultaneous device usage ‏ : ‎ Unlimited
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Sticky notes ‏ : ‎ On Kindle Scribe
  • Print length ‏ : ‎ 252 pages
  • Page numbers source ISBN ‏ : ‎ 1619615649
  • Customer Reviews:
    4.4 4.4 out of 5 stars 54 ratings

About the author

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Kirk Drake
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Kirk Drake has more than twenty years of experience designing and implementing advanced technology solutions, systems, and strategies. He is the founder of CUCTO; Ongoing Operations, LLC; CU Wallet, LLC; and CU2.0 Strategist. Kirk lives in southern Oregon, where he is helping his wife start a vineyard on a shoestring budget while raising three awesome kids.

Customer reviews

4.4 out of 5 stars
4.4 out of 5
We don’t use a simple average to calculate the overall star rating and percentage breakdown by star. Our system gives more weight to certain factors—including how recent the review is and if the reviewer bought it on Amazon. Learn more
54 global ratings
Insightful, Smart and Impressive!
5 Stars
Insightful, Smart and Impressive!
Excellent read and so insightful!!! Wow does his knowledge impress and not to mention the writing style is fantastic. I truly enjoyed he book and highly recommend it.
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Top reviews from the United States

Reviewed in the United States on August 16, 2017
Kirk Drake does a great job of explaining the challenge posed to credit unions in the current world. The fact is that since 2008, the financial services meltdown, credit unions have only held serve on market share, as measured by deposits. In a market that shares many values with credit unions - democratically-controlled, cooperatively-owned and providing profits back to members - the industry has not taken advantage of its collective opportunity.

Kirk then lays out a series of strategies to address these in the new world. As someone who spent more than 20 years working in the credit union industry, his ideas are practical and aspirational. Credit union CEOs and boards would do well to take a chapter to review and discuss at each board meeting. In a world where the Amazon and iPhone experience are now table stakes, credit unions have both opportunities and challenges on the horizon. CU 2.0 accurate lays out the challenges and provides solutions to creating a generation of credit union success.
One person found this helpful
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Reviewed in the United States on July 25, 2017
It is apparent that many of us who work in, for, or volunteer our time with credit unions struggle with a common lexicon. There are frequent barriers in board meetings when discussing the technological landscape and the proposals from the business people and technologists who make products that “might” make a difference to our operations, efficiency, reputation, and member service. Likewise, for those who build products, this book will help you better understand how the credit union is an entirely different animal than a for-profit financial institution.

CU 2.0 should be required reading for those who service credit unions. It provides a thoughtful and relevant primmer for those who have dedicated themselves to the concept of members helping members. Kirk Drake tackles disruptive trends with clear examples and what we must do to remain not only relevant but successful. Jesse Boyer, in his forward, tees up the problem comparing our long-time members who may struggle with technology and our Millennials, who “might know a lot about technology and the applications on their phone, but they understand little about banking and making financial decisions.” Kirk shows us how to create “data-driven, repeatable experiences that educate, differentiate, excite, and advocate for our members” in a manner that honors our charters and heritage.

CU 2.0 introduces our boards and management “to the right infrastructure tools and helps us stay abreast of advances in established and emergent technologies.” As so many other good business books do, Kirk Drake lays it out in a manner that is easy to understand and implement though use of his unique “D-R-E-A-M” strategy. The organization of the book lends itself equally to topic research and application or a more intentional and comprehensive read as each credit union works to be their member’s primary financial institution. I expect that this will become the go-to handbook for credit union boards as well as for those who dearly want to see the credit union movement forge successfully into the future leveraging the advantages that differentiate credit unions from other financial institutions.
One person found this helpful
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Reviewed in the United States on December 31, 2017
Shipping was late. Said it would be here on monday when i purchased then i had to purchase a digital copy as well. So that wasn't fun. I heard I wasn't the only one who had this problem with this book. Other co workers didn't have their copy at the Tuesday Meeting either.
Reviewed in the United States on December 30, 2017
I have known and worked with Kirk for several years now. His thoughts about the future of our industry are on point. The chapter Death by 1000 cuts gives a chilling insight into how FinTech is working to supplant traditional FI's, its a must read.
Reviewed in the United States on November 10, 2017
CU 2.0 provides an important wake-up call for credit unions who are changing to slowly in our fast-changing digital economy. Drake’s provides compelling reasons why credit unions need to embrace new ways of doing business so they stay relevant – particularly as other financial institutions innovate. If any credit union were to implement just a fraction of the great ideas that Drake shares, they would see impressive growth thanks to increased member loyalty, referrals, employee satisfaction, and operational improvement. This is well-written work that all credit union leaders should read multiple times since it provides a clear blueprint for success.
One person found this helpful
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Reviewed in the United States on July 28, 2017
Kirk Drake’s book was an awesome read! In today’s market, you must constantly read books, articles, and anything else to keep up with technology and competition. After reading any book, you hope to gain two or three nuggets that you can go back to your shop and apply immediately. After reading Drake’s CU 2.0, I have at least 8 solid ideas that I’m in the process of implementing in my credit union. The credit union movement needs more content like this! Great job Kirk!
One person found this helpful
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Reviewed in the United States on July 12, 2017
Every credit union CEO should buy this book and make it mandatory reading for their senior management team. It's a "how to" get out of the rut of sameness and risk-aversion. Kirk gives wonderful examples and spot on analogies of companies outside the credit union space that help your mind apply the learning. I had several "ah hah" moments reading this. For example, credit unions are like a full-service sit down restaurant with valet parking. Food trucks feed people good food without the burden of the heavy infrastructure (brick and mortar) and could literally move where the business is. Brilliant!
3 people found this helpful
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