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Credit unions continue to face intense competition with other financial institutions and non-traditional players, including fintech firms. Credit unions should be doing all they can to strengthen their relevancy and sustainability in a new competitive environment. How relevant is your credit union? Use the following questions to determine your answer. How focused is your credit union’s business model? What does your credit union identify as its top three or four target markets? What is the value proposition for each of the markets you target?
The landscape for payments is changing rapidly. Has your board discussed the risks involved in the payments space. Find out one of the biggest challenges payments pose for credit unions.
Some apps, including Uber and Starbucks, facilitate faster payments by parking a card in the app – a card on file. What are the long term implications? How will cards on file affect credit and debit usage? Credit unions will need strategies to ensure their cards are the ones members choose to keep on file.
In order to serve Millennial members, credit unions—and the board of directors—need to understand who Millennial members are and what they want.
Note: At the time of recording Jim Kasch was CEO of Darden Employees Federal Credit Union, Orlando, Fla. He is now the founder of Canidae Consulting and Member Intelligence Group.
Credit unions need to be nimble to stay relevant in a rapidly changing environment. How can a credit union’s board of directors keep up?
What do credit unions need to be investing in now in order to be successful during the next few years?
Preparing for a successful credit union merger means planning how to fuse sets of technology systems, brands and corporate cultures.
Doug Rauch, former CEO of Trader Joe’s discusses two things credit union boards should do in order to think more strategically about the future.
Doug Rauch, former CEO of Trader Joe’s discusses the company’s culture of innovation and why companies need to embrace innovating.
Doug Rauch, former CEO of Trader Joe’s discusses the difference between innovating and establishing a culture of innovation.
Help your credit union board have a more successful strategic planning session by considering four important things.
Lerzan Aksoy, author of Loyalty Matters, discusses why loyalty matters in today’s credit unions.
Explore the keys to building a forward-looking board.
Incubator CUSOs encourage research, development and innovation for better financial solutions while minimizing risk and could be a viable investment for Boards to consider.
Wallet-share expert, Lerzan Aksoy, discusses the drivers and barriers that impact individual members’ deposit allocation.