Navy Federal Credit Union
I am seeking to identify ways in which Navy Federal Credit Union (NFCU) can convert and break away from the competition. I would be interested in your opinions.
Thank you in advance.
I have chosen to focus on NFCU, which I joined many years ago when I signed up for the Navy. At that time, NFCU would only accept immediate family members of the serviceman in either the navy or marines. However, in an effort to expand their customer base, they began to accept relatives of the service member, and now compete in a red ocean with other banking institutions including Bank of America, City Group, and Wachovia.
In looking to implement the Strategic Sequence
needed to continue to allow the company to grow, there are several options
the company can take. These include:
- Further expanding to allow membership from any service member and/or family
- Working in conjunction with smaller banking institutions to provide no-fee ATM services
- Extending their auto- and home-loan programs to everyone, and
- Expanding their insurance offerings to include auto and home.