If the adage "what gets measured done" has any truth to it, then there are a lot of credit unions not getting nearly as much done as they could, especially when it comes to growth.

That's why several of the CUNA Councils – Lending, Marketing & Business Development, and Operations & Member Experience Councils – teamed up to publish a new white paper entitled “Creating a Growth & Measurement Powerhouse.”

The report discusses how different segments of a credit union – marketing and business development, lending, and operations and member experience departments – must work in tandem to generate “real, demonstrable” growth.

“There must be regular collaboration between these groups to facilitate the best results,” stated Keith Troup, executive vice president, chief operating officer at the $1.2 billion Y-12 Federal Credit Union, Oak Ridge, Tenn., in the report. “A big part of the success in growth efforts is the use of data.”

In the paper, Dan Leclerc, vice president of enterprise analytics at the $5.3 billion Ent Credit Union of Colorado Springs, Colo., said his credit union’s primary growth objectives “focus around membership and deposits, with a secondary objective around loan growth.”

Dan Leclerc, VP of enterprise analytics at the $5.3 billion Ent Credit Union of Colorado Springs, Colo
Dan Leclerc, VP of enterprise analytics at Ent CU

Among other things, the paper examines such topics as:

  • Methods for measuring and reporting growth, including which metrics are important to members;
  • How to show that the strategies and tactics are working to drive the growth;
  • How to benchmark to document and illustrate progress;
  • Tips for optimizing growth strategies;
  • How to balance strategies to ensure the credit union is growing but that other areas aren’t suffering in pursuit of that growth.

The report cites, for example, how Y-12 FCU has become a more “data-driven, decision-making organization.” At monthly meetings, the paper noted, credit union stakeholders review past results and develop future strategies and plans.

“Communication is key to aligning these departments on growth goals,” said Cori Poland, vice president of lending at the $840 million Rivermark Community Credit Union, Beaverton, Ore. “This can mean regular meetings, established committees, or quick team huddles where the teams can discuss the strategic initiatives. Then they can develop and report on the successes, challenges, feedback from members, and metrics on the tactics that are implemented. Alignment of these teams can ensure a consistent message to members and staff.”

Kimberli Green, business development manager at the $10 billion America First Credit Union of Ogden, Utah, says in the paper that impetus for growth “is truly service-oriented.”

“We focus on a ‘service is sales and sales is service’ mantra,” she said. “We must remain relevant, competitive, and in front of our membership to provide financial literacy and be the support system our members need for their financial well-being.”

CUNA Council members are eligible to receive complimentary copies of the white paper, which is available online in the white paper section of www.cunacouncils.org.

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