TALLAHASSEE, Fla.-Many CUs have been working hard during the first half of the year to set themselves up for a strong second half, according to Mansel Guerry.
The president and CEO of CU24 said CUs are trimming expenses up and down the budget to reallocate dollars to more productive areas of the business (Credit Union Journal, May 20). Mobile is one area Guerry said will get a lot of attention in the last half of the year.
"The subject of mobile comes up in almost every discussion," said Guerry. "Credit unions say they have to free up some resources so they can spend time effort and money on mobile-study where this market is going and how they look in it."
Guerry sees dollars being dedicated to shifting CU websites to a retail feel and focus, rather than a "utilitarian" site. Business services are ramping up, an area where he sees great opportunity for credit unions, albeit with some risk. "Going to business services is like owning a house cat and then deciding you want a mountain lion. Business services is whole different creature and can eat you alive if you are not careful."
Bottom line, the rest of this year and into next won't bring a lot of easy wins due to the economy, it is still going to take a lot of work to bring in business, noted Guerry. "The economy is moving in a more positive direction, but we are not anywhere near being out of the woods. We are not on the brink of a robust economy , it's a somewhat timid economy."