Many credit unions are successfully building the fundamental skills and infrastructure they need to utilize data more effectively. They’re aggressively investing in analytic tools, staff skills, and warehouses, but less so in the newer tools of decisioning, fraud, and predictive machine learning and AI technologies.
Nothing has an impact on customer engagement quite like brand equity does. A strong brand reputation takes time to build, and is challenging to maintain, but your credit union’s long-term success depends on enhancing its image in the eyes of your members.
Through ups and downs, thick and thin, traditional and emerging schemes, one thing remains constant for credit unions: budgeting season. As we all know, October is the month credit unions start to strategically plan and budget for the coming year and beyond. The season typically begins with big ideas for growth and improving customer relationships, but sadly ends with a tight budget that reflects must-do tasks driven by government regulations.
Members are the driving force behind all your credit union’s activities, and that’s understandable. Not only does your business strategy focus foremost on fulfilling their needs, but with directors who are members it’s a given that member interests will be top of the priority list. That makes your credit union budget strategy different from that of a for-profit bank, in the following ways:
It’s a fundamental premise of the credit union movement, and one that received plenty of attention at CUNA’s annual Governmental Affairs Conference in Washington DC this February. There was no shortage of examples of community engagement, financial literacy efforts, and chartable initiatives on both the grassroots and national levels. Make that international - I challenge anyone to listen to Derreck Kayongo’s tale of founding the Global Soap Project to save lives and advance education in Africa via used hotel soap, and not come away feeling inspired.