This week, CreditUnions.com offers a Labor Day lesson from Burning Man, finds two lessons from a $3 billion data warehouse, shows four ways credit union market share is growing, and more.
Here are five can’t-miss data points:
For most Americans, Labor Day weekend signals the end of summer. In the Black Rock Desert of Nevada, Labor Day is a time to burn The Man. Burning Man started in 1986 as a fire ceremony in which a few friends burned a wooden sculpture of a man on a San Francisco beach. Today’s festival is an amazing product of careful planning and organization by a dedicated team, but during the week itself, Black Rock City is self-governed largely by thousands of volunteers. This massive collaboration is all based on 10 principles, many of which would seem familiar to any credit union professional.
Read: A Labor Day Lesson From Burning Man
Over the past few weeks, Callahan’s analysts have produced handy guides for credit unions looking to more fully understand the generations they serve. In total, our analysts covered approximately 90% of the U.S. population. What’s on their minds? What are they looking for? What life events are coming up?
Read: The Credit Union Guide To The Generation Gap
Attention to detail and a drive for quality are part of Caroline Willard’s DNA, thanks to four years of working at Disneyland as a college student. When American First Credit Union recruited her from a southern California thrift in 2001, she knew little about the credit union movement but immediately felt the difference in the cooperative environment. She’s been working with credit unions ever since. Here, the president and CEO of Cornerstone Credit Union League shares her thoughts on the importance of focus, finding inspiration, and what she’d like to see more of within the credit union industry.
Read: Caroline Willard On Leadership
BCU, the $3 billion Illinois-based cooperative, has an insatiable appetite for data. By 2005, the credit union needed to make the sheer volume of data it generated accessible to everyone who wanted it. So, it allocated funding for the research and development of a data warehouse. Once the analysts recognized the power of the warehouse, things quickly took off. Since then, the information it contains has ballooned, requiring a better way to query and authenticate the data. In addition, a newly formed centralized member intelligence team is working to establish stricter governance standards.
Read: 2 Lessons From A $3 Billion Data Warehouse
Membership at U.S. credit unions increased 4.4% or 4.8 million members in the past 12 months to hit 115.5 million members as of June 30, 2018. As membership climbs higher, so, too, has the variety and number of accounts members hold with their credit unions.
Read: 4 Ways Credit Union Market Share Is Growing