What are you hoping to get out of 2015? More loans or a more nimble marketing? A better understanding of core technology options? A happier and more engaged workforce?
Regardless of your priorities, there’s a good chance Callahan has you covered. The 3Q 2014 edition of Callahan’s Credit Union Strategy & Performance just hit desks. In celebration, here are five of the most important ideas and lessons we learned during production.
1. Approximately 474,000 students have pursued higher education as the direct result of a credit union student loan.
Perhaps even more important is the fact that only 1.42% of credit union student loans go delinquent versus a national rate of 10.9% for all student loans.
2. You can market a message in hours and days, not weeks or months.
In Anatomy of Member One Federal Credit Union, Daniel Bliley, the credit union’s director of marketing and segmentation, explains the logic behind Member One’s adaptive, social- and digital-heavy marketing strategy: Plans change, initiatives change, the voice of the media changes. Rather than put all our resources into a campaign that requires a month or two of planning, we constantly engage withour target audience.
3. Compensation is the largest factor in employee job satisfaction.
That’s according to data from the Society of Human Resource Management (SHRM). But even if you can’t dish out top-dollar salaries, have no fear. We’ve got tips galore to ramp up your employee benefits, communication, and events and help create top-notch culture at a manageable price point.
4. There is such a thing as a core system reconversion.
KeyPoint Credit Union is proof that a good core can always be made better. Rather than switching to a different company, this high-performing cooperative worked with its existing vendor to streamline unnecessary bulk including eliminating more than 1,300 account types and reinvigorate its system with new capabilities.
5. If at first you don’t succeed, try 5,000 more times.
Our Diversions section of CUSP is devoted to a host of companies that either dug in or reinvented themselves in the face of hardship. Yet when it comes flat-out perseverance, few can compete with Sir James Dyson of the Dyson vacuum company, who tried and failed 5,127 times to create the world’s first bagless vacuum cleaner before finally reaching success. Read words of inspiration from him and others.
Want More Strategy & Performance?
Click here read the third quarter 2014 issue of Callahan’s Credit Union Strategy & Performance.