Credit Union Journal | Monday, November 26, 2012
In this issue Credit Union Journal launches the first of a two- part series featuring Best Practices in credit unions. From loan promotions to membership-builders, and from cost savings strategies to leadership, the Best Practices being highlighted are aimed at providing new and innovative ideas to readers. Coverage will continue in the Dec. 3 issue.
To proceed with growth strategies to reach the Hispanic market, the CU must first understand the unique characteristics of the local Hispanic population.
At a time when a majority of credit unions are not growing at all, Glendale Area Schools FCU has had to put its emphasis on controlling growth.
With many credit union CEOs seeking ways to make better use of the technology they already have in place, Todd Nuttall says the answer is staring them in the face: the ATM.
For Jersey Shore FCU, much of its focus in 2013 will be on looking to rebuild its auto loan portfolio, as well as what is projected to be more than a year-long effort to recover from Hurricane Sandy.
Credit unions can drive product growth in 2013 by going back and taking a fresh approach to an old standby: their websites.
CU nimbleness and the ability to turn bank converts into profitable relationships are keys to growth this year.
Dollars invested into marketing this year should produce solid growth returns, observed one person who believes a great deal of the member growth CUs enjoyed last year can be credited to bank errors.
Credit unions looking to continue growing in 2013 should look no further than the humble checking account, according to Dennis Dollar.
Credit unions' quickest path to growth in 2013 begins at home.
Beating auto dealers and captive finance companies will be key to auto loan growth in 2013, and one vendor has introduced a solution to help CUs do just that.
One credit union sees no need in 2013 to alter a business model that led to 24% loan growth last year, boosted earnings 59% year over year, and has ROA above 2%.
This year Shreveport FCU will focus on making more micro-loans to help small businesses in the Mississippi Delta and Shreveport areas.
Estimating again that $400 billion in checking deposits could be on the move this year, one economist recommends CUs exercise excellent expense control to not only protect their portion of these funds, but to grow share from banks.
Florida Central CU said that in the new year it plans to stick with the same growth strategies that have helped it to prosper over the past year, but will make one adjustment-slightly lower deposit rates.
One person believes that the new year offers tremendous opportunities for credit unions to grow their unsecured lending portfolios around credit cards.
It's no secret that for any credit union to grow in 2013 it is necessary to market to a younger demographic. Similarly, it's no secret that means investing in technology and other delivery channels, especially mobile. But that's not enough.
For many credit unions, growing in 2013 will come down to not "standing in their own way."
JW Marriott Desert Ridge
Las Vegas, NV