This week, CreditUnions.com finds a business intelligence team that drives results, shows how one credit union benefits from its #RelationshipGoals, refuses to look past NCUA pocket change, and more.
Here are five can’t-miss data points:
5
In 2014, Michigan State University FCU created a five-person business intelligence department (including one intern) to centralize data research, analysis, and reporting. Acting on member data is a growing imperative at the credit union, and centralizing this function provides consistency in the source data and a broader perspective in each analysis. Learn more about the world’s largest university credit union’s BI team.
Read: How To Build A BI Team That Drives Results ContentMiddleAd
27%
Entering its 60th year and confronting a highly competitive, overbanked market in the heart of California’s Silicon Valley, CommonWealth Central Credit Union rode the power of an innovative marketing campaign to a prestigious award at this year’s MAC Conference. On top of that, the campaign helped the credit union open 27% more checking accounts and add 19% more new members compared to the same three-month period the year before. Learn more about the campaign.
Read: #RelationshipGoals For A California Credit Union
$736 Million
This month the NCUA is sending $736 million to credit unions as a partial refund for the billions that credit unions paid to bail out the corporate credit union system during the financial crisis of a decade ago. This shiny coin should not blind credit unions to the fact that the corporate resolution program has been the most disastrous and costly regulatory failure by NCUA. Learn more.
Read: Looking Past The NCUA Pocket Change
1-And-Done
Gardening is not a one-and-done prospect. Neither is building a company culture. Just when you’re satisfied with how things are looking, you find a new stone to turn or a new challenge to overcome. Growing a productive company culture requires different care for annuals and perennials.
Read: Does Your Credit Union Have A Horticulturalist?
$379.6 Billion
As of March 31, 2018, U.S. credit unions held $379.6 billion in investments. That’s up 6.9% from the fourth quarter of 2017 but down 3.3% from this time last year. The increase in total investments for the quarter followed past cyclical trends of growth in the first three months of the year. Share balances followed a similar quarterly trend. They rose 3.8% from year-end and were up 5.6% year-over-year. That’s not surprising as deposit inflows are the largest in the first quarter of the year.
Read: Investments By The Numbers
Happy Reading!