Credit Union Journal | Monday, August 6, 2012
It's hard to believe, but strategic planning season for 2013 is upon us. Much less difficult to believe is the number of issues credit unions need to plan for to make 2013 and the years that follow successful. To aid in that process, in this issue is the first of a two-part series offering expert insight into a broad range of issues aimed at ensuring your CU's strategic planning is more effective.
Stan Hollen, CEO of CO-OP Financial Services, told Credit Union Journal that the recent recession has taught CUs that the organization must be nimble to react to the unexpected.
"A discontinuance of interest on overnight funds will cause significant problems for many credit unions who currently hold extremely large investment portfolios and cash reserves," said Tony Ferris, managing partner for Rochdale Group
Fredda McDonald, EVP for the credit union experience at PSCU, says, "The time is now to invest, grow and prosper with solutions that will attract, engage and retain members."
With credit unions seemingly having little control over growing earnings pressures and shrinking margins, it's time the industry takes a systematic approach to product pricing.
Ben Psillas, president of Allpoint Network, noted that not only can a seamless integration help CUs reduce vendor costs and become more efficient, but also puts the institution in a better position to handle declining volumes of branch transactions.
Mark Weber, president and CEO of Weber Marketing Group, said that as 2013 begins to draw near, the "opportunity window" to capitalize on consumers' big-bank frustration and broken trust may be closing.
Credit unions should continue to look for ways to improve their data-mining capabilities as they head into 2013, while also working to capitalize on the current "daily deals" craze.
Credit unions can learn a thing or two from regional and community banks when it comes to succession planning, and CUs should keep that in mind when it comes to planning for 2013 and beyond.
Barb Kachelski, COO at the Credit Union Executives Society, said while CUs in recent years have focused internally on expense ratios and meeting the demands of regulators, now is the time to turn the focus outward.
Cory Jefferies, VP of business development for SWBC, said credit unions "simply have to pay more attention to non-traditional credit union products."
Mobile and P2P should be high, if not at the top, of this year's strategic planning topics, asserts Jim Park, CEO of Credit Union 24.
"Many, many, many credit unions we talk to are concerned with the overall subject of 'replacement members,' and that means the younger generation," said Jerry Verdi, VP of market intelligence at Diebold.
The Cosmopolitan of Las Vegas
Las Vegas, NV