By Theresa Witham
Last month, the credit union industry descended on Washington, D.C., for the annual CUNA Governmental Affairs Conference. CUES was excited to be there launching our new brand. I was excited to be there to see and hear what the industry was buzzing about.
The topics that came up again and again were: mobile, cards (especially security), payments (P2P was big), compliance and data, specifically making use of the data credit unions have access to.
As I walked through the exhibitor hall, I spoke with many industry leaders and asked them to finish this sentence: The future of credit unions will be bright if …
Here is how many responded.
Fred Grigsby, managing director at CUES Supplier Member TSYS Program Solutions, Columbus, Ga.:
“The future of credit unions will be bright if the forethought of legislative or regulatory changes did not overshadow the relentless focus to continue delivering high quality products and services to its members.”
Andrew Tilbury, chief marketing officer at CUES Supplier member Bluepoint Solutions, Vista, Calif.:
“Credit unions are back. Loan growth is positive and outstripping share growth. Delinquency rates have dropped substantially. Credit union executives now need to look for new ways to continue the growth trends that they have enjoyed for the past several years. Ask yourself, are your credit union’s internal systems promoting — or inhibiting — future growth potential? For instance, the overwhelming majority of credit unions still rely on paper as a document storage and management solution when, in fact, this reliance on paper is a drain on productivity that prevents employees from providing better service to credit union members, including selling them new products. Credit unions have cut costs enough; they now need to look at smart technology investments and process improvements that will lay the foundation for the future that will keep the movement going strong.”
Kristy Moore, VP/marketing at CUES Supplier member SWBC, San Antonio:
“As a marketer, it seems that some credit unions don’t have enough time or resources to conduct strategic marketing. I believe they would see an upswing in the number of products per household and new members if they took the time to plan and execute multi-channel campaigns focused on their core products. If they don’t have the time or resources to handle the effort in-house, they should consider engaging an agency to help. Even if starting out small, investing in a professional marketing program can produce big returns.”
Matt Chesky, SVP/corporate sales at Insuritas, East Windsor, Conn.:
“Credit unions need to embrace the virtual branch. By the year 2020, members should be able to do anything on your website that they can do in your branches. I’ve never been to my credit union’s branch. As a millennial, I want to do everything online and on my phone. If we don’t have that ability, we’ll go to an institution that does.”
Marvin “Mickey” Goldwasser, VP/marketing at Payveris, LLC, Wethersfield, Conn:
"The future will be bright if credit unions realize just what an asset they are for their members and took advantage of that. Stop playing defense and start playing offense, especially with payments and technology. Step up and take your rightful place again as a leader in facilitating commerce. Remember that you are relevant. It breaks my heart that there are fewer credit unions than there were last year. [In the payments area], don’t let non-traditional players, retailers and phone companies take over."
Arnie Goldberg, vice president at Advisors Plus®, St. Petersburg, Fla.:
“The future of credit unions will be bright if they remain devoted to helping their members achieve financial security, empowerment and prosperity—and facilitate the accomplishment of those goals through whatever delivery channels best fit their members’ lifestyles, desires and needs.”
Ryan Anderson, VP/product at CUES Supplier member The Members Group, Des Moines:
“The future of credit unions will be bright if they are aggressive in the mobile space. Our credit union clients, they tell us mobile is absolutely the space they need to be playing in and more aggressively.”
Samantha Paxson, VP/marketing a CUES Supplier member CO-OP Financial Services, Rancho Cucamonga, Calif.:
“The future of credit unions will be bright if we remember to look at our institutions through the eyes of our members. We need to continue to anticipate how our members want and need to interact with us, and provide our services in a way that is effortless and integrated for them. Our message of second-to-none service must always be reflected in the members’ actual experience. This is an ongoing process tested by real-world practice and perfected with every new technology.”
Maurice Jourdain-Earl, managing director at ComplianceTech, Arlington, Va.:
The future will be bright if credit unions “begin to use data, specifically Home Mortgage Disclosure Act data, strategically. It’s a matter of knowing this information, they would be in a much better position to grow their business, the business of the credit union.”
How would you answer the question? Share in the comments!
Theresa Witham is a CUES senior editor.
Do you know credit union executives, directors or non-executive leaders who are working to make the future of credit unions bright? Nominate them for a CUES award!
