The credit union industry is facing some of its steepest competition yet. Banks are distinguishing themselves through digital services. Fintechs are offering bold innovations. Even tech giants like Google and Apple are trying to enter the fray.
Fortunately, credit unions have a secret weapon on their side: Elon Musk.
That’s right—billionaire playboy Elon Musk has chosen his new venture. No longer content with leading only SpaceX, Tesla, The Boring Company, and OpenAI, he’s ready for a new challenge. And what a challenge it will be!
Although Musk is known for his innovative ideas and reliance on technology, he’s always had the freedom to basically do as he pleases. He’s been limited mostly by technology and his own creativity. (However, after dating Grimes and sending one of his cars into orbit around the sun, we think he’s ready for anything.)
When asked about how he plans to approach the heavy regulatory burden in the credit union industry, Musk replied:
“I’ve spent my life pushing the boundaries. Now, I’m excited to see what I can do within them.”
Musk has been uncharacteristically tight-lipped about his credit union roadmap. Many investors and news outlets have already begun speculating about his game plan. Will his credit union be battery powered? Underground? Staffed by emerging AI robots?
So far, we have no answers. However, Musk did reveal his end goal. “Ultimately, we plan to be the first credit union on Mars,” he said. “But in the meantime, we’re just going to launch one into space and see what happens.”
At Redboard, we’re always looking for ways to help credit unions navigate their regulatory and compliance needs. Our audit management software cuts audit and exam times down by 25–33%. We’re happy to discuss whether Redboard would be a fit for your credit union—simply contact us for a consultation.
But we’re not always serious. You can read our last year’s April Fool’s blog and something from our “audit nightmares” series below if you’d like another little chuckle. There’s nothing like audit humor…