This week, CreditUnions.com finds eight credit union metrics for productivity and efficiency, shows how not to be the next Equifax, checks in with credit unions that offer successful Christmas Clubs, and more.
Here are five can’t-miss data points for the week:
Credit unions strive to deliver excellent member value while also maintaining productive and efficient operations. To maintain this balance, credit unions must keep some ratios low and others high.
Learn more in 8 Credit Union Metrics For Productivity And Efficiency.
Over the past two decades, the University of Iowa Community Credit Union’s approximate annual growth rate is 20%, helping the cooperative expand from $200 million in assets to $4.5 billion. That timeline also coincides with Jeff Disterhoft’s tenure at the credit union. The CEO, now in his 18th year, shares how developing relationships, solving problems, and uncovering opportunities have helped the cooperative thrive.
Learn more in Jeff Disterhoft On Leadership.
Here’s a New Year’s resolution: Don’t let 143 million consumers see their personal data hacked because the credit union didn’t patch a known security flaw. That advice is a little too late for Equifax, but not your credit union.
Learn more in How Not To Be The Next Equifax.
Christmas Club savings accounts have been around for so long that they’re often taken for granted. There’s a reason for that. They work. Just ask Redstone Federal Credit Union. The big Alabama credit union had more than 70,000 Christmas Club accounts this year with balances totaling nearly $60.4 million.
See how Redstone and other credit unions still help thousands of members save millions in Christmas Clubs: Financial Wellness Since Before It Was Cool.
The holidays bring a heady combination of joy and stress to many households and provide the backdrop for some seasonal financial wellness efforts by many a member-owned financial cooperative, big and small. Patelco Credit Union recently sent an email titled Money Savings Tip for the Holidays to nearly 200,000 members, which included observations such as, Love doesn’t mean maxed out credit. Don’t spend what you can’t pay off.
See how credit unions offer holiday-based financial tips that focus on year-round financial wellness in Mission Marketing For The Most Wonderful Time Of The Year.