For an institution as complex as a credit union, creating a strategy for future success requires setting forth long- and short-term goals. These goals can range from improvements in technology to internal culture, and everything in between.
One of the main objectives of CreditUnions.com is to help credit unions reach their goals through a steady stream of case studies, which showcase credit union success stories. Here are five of the most popular articles on cooperative strategy.
Although operating a credit union’s core processing system through a service bureau is nothing new, doing it through the cloud is. The idea that a credit union and a data center can securely and reliably deploy such a critical infrastructure via the internet is gaining traction. Each of the four credit unions in this article cite many of the same benefits to this new structure, but a cloud-based core system comes with its own challenges. Learn more about these credit unions’ different experiences making the shift.
Nusenda Credit Union is going global in its efforts to offer micro-loans to entrepreneurs and small-business people across the Land of Enchantment. Through Co-Op Capital, Nusenda underwrites an array of small loans from borrowers such as farmers, film workers, and construction contractors and relies on four community partners to guarantee repayment. Learn more about how the New Mexico credit union is putting community capital and cooperative principles to work by offering a global-style micro-loan at home.
When Erin Mendez became CEO of Patelco Credit Union three years ago, she built a new leadership team at the organization. Although everyone on the team had extensive and relevant backgrounds, they didn’t have a history of working together and didn’t speak a common language to develop and execute the organization’s strategy. To address this, all nine members of Patelco’s C-suite participated in the 12-week Callahan Leadership Team Development course. Learn more about how the California credit union gained the framework for team collaboration on innovation.
Patriot Federal Credit Union has embarked on a new course in internal culture and collaboration, including changing how it evaluates employees and how employees evaluate themselves. Starting in the second quarter of 2016, the Keystone State credit union replaced lengthy, pro forma annual reviews with quarterly, documented summations that begin with employees answering three simple questions. Learn more about Patriot's new quarterly coaching sessions.
Firefighters First Credit Union expects to make $250,000 in net income this year from its in-house insurance agency, a revenue stream the California credit union expects to push to $1 million per year in the not-too-distant future. The credit union opened Firefighter Insurance Services in 2010 and currently offers 4,800 policies from 10 different insurance companies. The insurance agency creates a reliable source of non-interest income for the credit union while providing members and non-members alike an essential product under a trusted brand. Learn why the Los Angeles-based credit union sees such a bright future for its “non-punitive” insurance option.