This week on CreditUnions.com takes a look at interactive teller best practices, mortgage lending in hot markets, overall loan trends, and more.
Here are five data points you need to know:
Interactive teller machines can be scary.
For one thing, they can be expensive — more than six-figures expensive. That’s a heavy price tag for many credit unions. Two, interactive teller machines (ITMs) can inspire fear and confusion among members and employees who aren’t familiar with the technology and don’t yet know how it will affect their lives.
But there are positives to ITM adoption. And as more credit unions adopt this technology and mold it to meet their institutional needs, best practices from across the industry continue to emerge.
Read more in "9 Best Practices In Operating Interactive Teller Machines."
New York University Federal Credit Union and San Mateo Credit Union have successfully found ways to help their members buy homes in two of the nation’s priciest markets.
They differ greatly in size, membership makeup, and more, but their strategies work. Both credit unions are exceeding their asset-based peer groups in overall loan growth while posting delinquency rates well below average. That’s 0.17% for SMCU in its updated first quarter 2017 report, and 0.48% for NYUFCU vs. 0.83% for all 5,912 credit unions in the Callahan & Associates database at year’s end.
Read more in "From The Big Apple To Silicon Valley: How These Credit Unions Help Members Buy Homes In Hot Markets"
Firefighters and cops tend to be direct people without a lot of time to spare, and, at least in Boston, they’ve found a financial home that speaks their language.
The brand motto and philosophy at Boston Firefighters Credit Union is “Simple & Honest Banking.” The fact the state-chartered credit union keeps true to that credo has helped BFCU build a loyal, growing membership.
That philosophy empowers the credit union to adjust its approach to everyday transactions, when called for, as well as during tough times. It's also why BFCU posts impressive numbers when it comes to metrics like average share balance ($25,364) and member relationships ($46,375) at year-end 2016.
Read more in "Anatomy Of Boston Firefighters Credit Union."
Shruti Miyashiro is currently the president/CEO of Orange County’s Credit Union, but during her career at several southern California credit unions, Miyashiro has overseen branch operations, lending, collections, HR, ERM, and facilities as well as managed e-business in the late 90s when credit unions were dipping their toes into online services. She’s also earned a Master’s of Business Administration degree and attended CUNA Western Management School.
Also, in her nine years at the helm of OCCU she has retained 100% of her direct reports.
In "Shruti Miyashiro On Leadership," the CEO shares her philosophical view of leadership, the role of mentors in her own life and her approach to recruiting — and retaining — the best associates for her team.
Credit unions lent $461.2 billion throughout 2016, surpassing 2015 totals by 12.3%.
See how top, middle, and lagging performers differed in "Lending By The Numbers."