At conferences, during roundtables, and in strategic planning sessions with credit unions across the country, leaders at Callahan & Associates have noted several themes that will recur in the year ahead. This week, CreditUnions.com introduces four Opportunities For 2019.
No. 1: Member Intelligence
The role of member intelligence in deepening relationships and propelling growth is dominating conversations and to-do lists at credit unions of all sizes across the United States. Gleaning actionable insight from vast stores of transactional, demographic, and geographic data is pushing cooperatives to work with one another in new ways and to turn to technology suppliers for help in integrating dozens of disparate data formats. Here, representatives from three credit unions Michigan State University Federal Credit Union, Nusenda Federal Credit Union, and Centra Credit Union talk about how credit unions capitalize on member intelligence.
Read: How To Capitalize On Member Intelligence
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No. 2: Risk
Credit unions are in the financial services business. They’re also in the member service business. The confluence of these two means credit unions are in the risk business. But that’s not necessarily a bad thing, especially when it comes to the industry’s $1 trillion loan portfolio. The big question: How can credit unions balance risk and reward to better serve members?
Read: How To Balance Risk And Reward In 2019
No. 3: Member Experience
Advancements in technology and changes in consumer expectations have prompted many a retailer, including more than a few credit unions, to redouble their efforts toward improving the customer experience. For instance, Civic FCU reviewed the account opening process of at least 15 credit unions to determined what it wanted for its own member experinece. The big question: How can credit unions, like Civic, reduce friction in their member experience?
Read: How To Reduce Friction In The Member Experience (And Why It Matters)
No. 4: Strategy
Strategy is an invaluable tool that helps organizations set a long-term direction and make near-term decisions about what to do and just as important, what not to. If clarifying a strategy that will help the credit union make day-to-day, week-to-week, and month-to-month decisions is daunting, then take heart that sustaining a strategic direction traces back to one single idea: Know your why. Beyond that, credit unions can learn from five additional pieces of advice.
Read: How To Prioritize Strategy In 2019
Happy Reading!