It’s been a little more than seven weeks since the World Health Organization declared the novel coronavirus a worldwide pandemic. The virus has disrupted business as usual, yet the credit union industry has adapted.
The industry quickly met the safety and security concerns of its employees and members by overhauling operational structures and offering empathetic solutions to those affected by the virus. This new normal has required patience as financial institutions institute more firsts, including appointment-only banking, at-home workstations, and widespread loan deferments. Each day brings with it new governmental guidance or reshaped regulations. Life, as we’ve seen, is moving fast.
Although credit union leaders are tasked with making immediate, important judgement calls every day, the pandemic has brought into a focus an equally important question that can’t be overlooked:
What comes next?
There’s a lot we still don’t know, but there are plenty of questions we need to ask right now.
In the coming weeks and months, economic recovery will take the spotlight. What that recovery will require and how quickly it might take shape is unclear, but the range of outcomes resulting from various adverse scenarios is a topic Callahan & Associates is closely monitoring. And, we believe starting a conversation today about strategic decisions will pay dividends during planning sessions later this year.
The Callahan Strategy Brief
Later this week, Callahan will release the first in a new series of videos designed to further your credit union’s strategic conversations. We’re calling it the Callahan Strategy Brief.
We’re taking the insights and lessons learned from our conversations with credit union leaders, framing them through our experience and expertise, and passing them on to the industry at large. The reality is, many credit unions had plans for the next several years, but the coronavirus is requiring those plans to change. With this series, we hope to show credit unions what to rip up, what to keep, and what needs to happen to meet the needs of members.
There’s a lot we still don’t know, but there are plenty of questions we need to ask right now:
- What does the current economic environment mean for our community?
- What are we learning about our members during this time?
- How can we ensure we are financially solid?
- Which operational or behavioral changes are permanent? Which aren’t?
- How should our perspective change?
- How does this enhance strategies already in place?
- What does success look like in today’s environment?
With these videos, we hope to clearly express concerns and challenges credit unions are having and provide an on-ramp to conversations with board members during the fall planning season. But more than anything, we hope this series inspires strategic thought in uncertain times.
Because when a crisis hits, strategy doesn’t stop.
Callahan Strategy Briefs
In Episode 1, Callahan CEO Jon Jeffreys and Chief Collaboration Office Jay Johnson introduce the new series and talk about themes we’re hearing from credit union leaders across the industry and country, how credit unions can learn from them, and how they impact strategic plans moving forward.