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Despite today’s unpredictable economy, opportunities still exist for credit unions to grow existing accounts while increasing profits. In fact, the current economic climate may allow credit unions to increase current member loyalty, expand membership and serve more of their community or Select Employee Group (SEG).
To take advantage of the opportunities in the market, credit unions must uncover additional niches in their community and membership base that are currently not being served or could be served better.
To start, credit unions should host creativity sessions with staff that challenge current processes in order to change how they look at their respective membership and community. By re-thinking relationships with the current and potential member base, the ensuing fresh outlook may help credit unions uncover areas of potential expansion.
Some of these areas include:
Additional ideas can be generated in a creativity session that leverages your understanding of your credit union, the community you serve and your current membership base. Now that we have worn our creative hats, let’s make sure we complement these opportunities with sound risk management strategies for the short- and long-term growth of the expanded market.
To prepare sound risk management strategies, you should consider the following:
As with any risk management strategy, balance is important. When looking at implementing new ideas and strategies, credit unions may be best served by sticking one foot in to “test the waters” and then gradually increase and grow the opportunity. Jumping in with both feet may not always provide soundness and balance in your portfolios. This balanced approach allows your members to trust and feel the consistent performance of their chosen financial institution. Partner creativity with risk management for a successful 2009.
Linda Moynihan Vance is vice president of credit unions in the financial services group at Chicago-based TransUnion. She can be reached at email@example.com .
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
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December 1, 2008
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