This week, CreditUnions.com takes a look at auto leasing opportunities, hiring best practices, relationship-based rewards programs, and more.
Here are five data points you need to know:
Balance sheets for credit unions across the country are burgeoning with leases receivable. This is in stark contrast to portfolios of the financial crisis years, when credit unions moved away from offering leases.
During that time, leases dropped from $1.1 billion in the fourth quarter of 2006 to $440 million in the fourth quarter of 2011. However, since hitting a low point, leases have steadily increased, hitting $1.9 billion as of fourth quarter 2016. That’s an increase of 431.2% in five years.
Learn more in "The Credit Union Opportunity In Auto Leasing."
Identifying the best candidates for an open position might not be rocket science, but sometimes, it’s a scientist a credit union needs.
In "10 Ways To Make A Great Hire," credit unions from across the country dish on tactics to find the best employees.
Four years ago, Community Choice Credit Union started its GetBigReward$ program with two goals in mind. First, the credit union wanted the program to serve as a de facto yearly patronage dividend. Second, Community Choice wanted to create an incentive for members to use more products and services.
To that end, GetBigReward$ is a relationship-based rewards program that benefits credit union members who carry more products and services with the community-chartered credit union. And in its four years, the credit union has given back more than $6 million in credits and rebates.
Read more in "Big Rewards Increase Member Engagement."
Perhaps more so than years previous, 2017 represents the strongest potential to be the year of large changes to the status quo, according to the more than 80 respondents to Callahan’s 2017 Executive Outlook Survey.
For the sixth installment of the online survey, Callahan asked respondents to look ahead through 2017 and summarize their local market conditions as well as department goals. The answers here represent responses from credit unions across the country and across all asset sizes — and it sounds like everyone has a busy year ahead.
See the survey results in "2017 Economic Outlook."
In a world where we all have more to do than the 24 hours the day allows us, the summer usually provides a bit of a breather. Sunnier skies and a less intense meeting schedule means a more relaxed mindset. But summer is also a great time to make preparations to ensure a smooth strategic planning session in the fall.
It can be challenging for busy credit union executive teams to hit the pause button. Many priorities compete for your time and attention, and all of them seem to have urgency in today’s fast-paced business world. However, hitting “pause” could be the most important thing you do to ensure your credit union’s future success.
See why in "The Clock Is Ticking."