This week, CreditUnions.com identifies balance sheet basics in a changing economy, finds a credit union taking command of social media, showcases the power of benchmarking, and more.
Here are five can’t-miss data points:
$5 Billion
Interest rates and fixed costs are rising, liquidity is shrinking, and the U.S. economy is showing signs that it could soon slow down. These factors and others underscore uncertainty in today’s economic climate, which can prove challenging to credit unions. However, organizations, like the $5 billion Ent, that manage their balance sheets to absorb potential shocks are well positioned to report positive performance in any environment.
Read: Balance Sheet Basics In A Changing Economy
7 Years
This May marks the seventh anniversary of Facebook’s record-setting $104 billion IPO. Investors and marketers alike were singing the praises of Facebook’s business model in 2012, but how to tap into social media to drive revenue was anyone’s opinion. Today, social media reviews are inextricably linked to brand reputation and can have a significant impact on growth. One credit union that knows its way around social: First Community Credit Union. It integrates big-name sponsors, giveaways, and special events into its social media strategy, which focuses on engaging members and improving the member experience. And with so many social channels to monitor, there’s a fair amount of policing to ensure a consistent brand experience.
Read: How To Take Command Of Social Media And Online Branding
2013
When Visions Federal Credit Union initially invited Ty Muse to interview for the cooperative’s CEO position, Muse, who was satisfied with his role as CFO at a nearby credit union, declined. I was a finance guy, Muse says. I was living near where I grew up and was making a difference in my community. But after thinking it over, he saw the role for what it was: an opportunity. How many large, strong credit unions only a few hours from my hometown was I going to come across that wanted to talk to me about becoming the CEO? he says. Muse decided he wanted the job, and he took the helm on May 1, 2013.
Read: A New CEO, A New Vision For A New York Credit Union
6
Competition is keen within financial services as banks big and small plus fintech disruptors vie with member-owned credit unions for wallet share and consumers’ hearts. In this rapidly changing environment, how can the leaders of the industry’s most successful credit unions turn to determine how their institutions are faring? By benchmarking. We’ve identified six comparisons that capture varying business models and operating resources based on asset size. Although the industry average is a useful general point of comparison, gauging performance against institutions with similar resources and other attributes makes for more meaningful evaluations.
Read: 6 Metrics That Showcase The Power Of Benchmarking
35%
The Green Mountain State hosts what might be the greenest credit union in the country. Product lineup and philosophical alignment alike make Vermont State Employees Credit Union a poster child for credit union environmentalism. Open to anyone who lives or works in Vermont, VSECU has a lineup of loans, savings products, and vendor and association partnerships organized under the VGreen label. Approximately 35% of the program’s originations are for energy improvement loans that qualify for federal investment tax credits, with the rest spread among green vehicle loans, mortgages, home equity lines, and even an off-the-grid loan for people who want to really unplug.
Read: How Green Can You Go? VSECU Is All-In On Energy-Savings Lending. | Credit Unions
Happy Reading!