Every year, Callahan & Associates produces an Annual Report for the credit union industry. Our intent is to offer a look at the year behind — celebrating successes while acknowledging areas of opportunity — and build momentum for the year ahead. And even in the uncertain environment in which we find ourselves today, credit unions have a lot to celebrate.
For this year’s Annual Report, we’ve brought back the ever-popular leader tables that give a nod to those credit unions topping the charts in areas that underscore cooperative strength — dividend payout, Return of the Member (ROM), and average member relationship just to name a few. We also offer the results of our sixth annual Executive Outlook Survey. What do executives say about what’s happening in their neck of the woods? Find out in the 2017 Economic Outlook. What are the big-ticket items on their credit unions’ agendas? See for yourself in the Priorities At-A-Glance word cloud. You’ll find all this plus the 2016 Credit Union Impact Report, a credit union merger analysis, and more in the 2016 CREDIT UNION ANNUAL REPORT.
If the Annual Report doesn’t give you reason enough to celebrate, then flip to INDUSTRY PERFORMANCE. “By many measures, 2016 was the best year ever in credit unions’ 100-plus-year history,” says Callahan partner Jay Johnson, kicking off his quarterly review. Why did credit unions post impressive results in membership growth, loan originations, share balance growth, and net worth? Namely because credit unions everywhere live the “members first” motto.
There are notable credit unions in our industry that have doubled-down on SEG strategies to put members first — even amid a wave of community charter conversions. One of those credit unions is Boston Firefighters Credit Union, the subject of this quarter’s ANATOMY OF A CREDIT UNION. “If credit unions took a step back and looked at their SEGs, especially the strong and healthy ones, they would see opportunity there,” says BFCU CEO Bernie Winne. Winne and his team dish on the secret to their success.
For those of you who enjoyed Callahan’s Big Ideas series in 2016, we’ve got another helping for 2017. In fact, this year’s series inspired the cover story of this issue of Credit Union Strategy & Performance. In “The Rise Of The Machines,” Callahan partner Scott Patterson takes a look at the disruption ahead in the auto industry. Flip to IDEAS IN ACTION to learn more and read what other Big Ideas are on the minds of Callahan’s leaders.
No look back or ahead at the financial services sector would be complete with considering the role cybersecurity plays in the strategy at financial institutions everywhere. It defies easy definition, solution, provenance, and conclusion, as Callahan senior vice president Chris Howard lays out in “Something Wicked This Way Comes,” but credit unions are up to the challenge. Read this quarter’s selections for TECHNOLOGY@CU for best practices on how your credit union can step up its cybersecurity strategy.
Finally, in this fourth quarter issue of Credit Union Strategy & Performance, we say hello to new trends and goodbye to old friends. Grab a tissue, and turn to DIVERSIONS.