No. 2: Risk
Credit unions are in the financial services business. They’re also in the member service business. The confluence of these two means credit unions are in the risk business. But that’s not necessarily a bad thing, especially when it comes to the industry's $1 trillion loan portfolio. The big question: How can credit unions balance risk and reward to better serve members?
Read: How To Balance Risk And Reward In 2019
No. 3: Member Experience
Advancements in technology and changes in consumer expectations have prompted many a retailer, including more than a few credit unions, to redouble their efforts toward improving the customer experience. For instance, Civic FCU reviewed the account opening process of at least 15 credit unions to determined what it wanted for its own member experinece. The big question: How can credit unions, like Civic, reduce friction in their member experience?
Read: How To Reduce Friction In The Member Experience (And Why It Matters)
No. 4: Strategy
Strategy is an invaluable tool that helps organizations set a long-term direction and make near-term decisions about what to do — and just as important, what not to. If clarifying a strategy that will help the credit union make day-to-day, week-to-week, and month-to-month decisions is daunting, then take heart that sustaining a strategic direction traces back to one single idea: Know your ‘why.’ Beyond that, credit unions can learn from five additional pieces of advice.
Read: How To Prioritize Strategy In 2019
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