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Connexus : Issue 39
www.abacus.org.au 39 Finding economy of scale And here lies the opportunity. Chapman says mutuals need to collaborate. “A collective voice can put pressure on vendors to build what we want into their products.” Economy of scale is the other big advantage, he says. “ While the Big Four may have the money behind them, they also drag a lot of weight along as they go. In my exper ience, decisions were difficult to make because there were so many management layers to go through that even the sometimes obvious outcomes were subver ted by someone who may have had a par ticular agenda to push. “ We are, comparatively, much more agile and fleet of foot in terms of our ability to respond to a need and manage change. That’s a massive competitive advant age for us.” There’s also the challenge of designing and developing the technological infrastructure to support richer and more interactive banking exper iences for members. “ For example, young people are our future customers and they aren’t interested in a half-hour wait in a branch. If they can’t get what they want on their Android tablet, or they can’t send $20 to their mate instantly via their iPhone app, we’re going to lose them to others that give them this capability,” Chapman says. Cynthia Karena is a freelance writer. We are, comparatively, much more agile and fleet of foot ... That’s a massive competitive advantage.