This week CreditUnions.com shows how to run an internal education conference, learns why a new member experience revived an old process at one credit union, and digs into industrywide ROI and interest rates.
Here are five can’t-miss data points:
25 Years
Los Angeles Police Federal Credit Union has held a spring education conference for its board of directors and executive management team for more than 25 years. The credit union typically holds this annual three-day event in April in addition to its traditional strategic planning session in September. Notable for more than its spring timing and collection of attendees, the education conference doesn’t delve into the credit union’s priorities, resources, operations, or goals. Instead, it focuses on providing attendees with the information and education they need to make smart, solid decisions for the credit union.
Read: Educate In The Spring. Strategize In The Fall.
75%
The member experience is a powerful motivator. According to recent statistics, nearly 75% of respondents identify experience as an important factor in purchasing decisions and 65% say a positive experience is more influential than great advertising. Research from Walker says experience is on track to overtake price and product as the key brand differentiator by next year. Michigan State University Federal Credit Union aims to build a positive member experience by meeting, and exceeding, its members’ expectations. To do that might require introducing new products or services to meet new needs, but in the case of its online new membership application, MSUFCU knew an update was necessary. How has it worked out?
Read: How A New Member Experience Revived An Old Online Application
116%
Montgomery County Employees Federal Credit Union is now SkyPoint Federal Credit Union, a rebranding that’s the result of a strategic journey that has included a new branch, a new name, new charter, and a new direction. A series of planning sessions beginning in 2013 has produced the guide for this organic growth-plus strategy, as described by president and CEO Jim Norris. Since then, the 51-year-old credit union has grown membership by 18%, assets by 53%, and loans by 116%, and there’s more to come.
Read: Strategic Planning Helps SkyPoint Soar
385
The U.S. unemployment rate ticked up slightly in the last month of 2018, from 3.7% in October and November to 3.9% in December. Still, that was down from 4.4% one year earlier and is the lowest year-end rate since 1969. For their part, credit unions employed 305,312 full-time equivalent (FTE) employees as of Dec. 31, 2018, a 4.3% increase from last year-end. Growth in FTE employees calculated as 100% of an institution’s full-time employees plus 50% of its part-time employees kept pace with the industry’s 4.4% year-over-year membership growth; as such, the number of members per employee in the industry held steady at 385.
Read: Employee ROI Increases Throughout The Industry
$74.4 Billion
For the first time since 2006, year-end total operating revenue at credit unions expanded at a double-digit pace, topping 12.8% and totaling $74.4 billion as of Dec. 31, 2018. Largely a result of rising loan demand and recent interest rate trends, credit unions reaped the benefits of upward rate movement and the associated repricing benefits for new loan originations in 2018.
Read: Trends In Interest Rates Spark Considerable Income Growth
Happy Reading!