Five years ago, Infinity Federal Credit Union was a conservative financial institution, even by the standards of a traditionally conservative industry. Infinity had been turning away potential members, local people whose livelihood the credit union could positively impact. At the same time, Infinity was losing members. Between the first quarter of 1998 and the first quarter of 2013, the credit union lost nearly 6,000 members. In 2013, current chief risk officer Sandy Cloutier assumed the role of interim CEO. This change in CEO brought changes to the credit union’s philosophy on risk.
Read: New Year’s Resolution: Take More Risk
Credit unions looking ahead to 2019 have the opportunity to deploy new member-facing technology that effectively targets individual members while providing personalized service. To do that, they must rely on suppliers of those tech tools to deliver the tactical ability to fulfill the credit union’s strategic goals. But what do eight industry suppliers have to say about winning the hearts and wallets of credit union members in the year ahead?
Read: 4 Technology Resolutions For 2019
Rising interest rates on loans and investments coupled with efficient internal management has helped the credit union industry make enough to pay for its operating expenses for the first time in seven years. Year-over-year income growth hit 12.6% as of Sept. 30, 2018. That equates to $54.8 billion in total revenue. Operating expenses increased at a rate of 7.5% and are on track to total $33.2 billion for the year. Annual net income growth was 29.3%, which drove up the aggregate bottom line of the industry to $10.2 billion.
Read: 6 Graphs About Revenue In The Third Quarter Of 2018
Broad market volatility remained elevated in November amid ongoing concerns of tighter monetary policy, U.S./China relations, and the slowdown in global growth that may result from these matters. The U.S. economy continues to grow at an above trend rate, bolstered by tight labor markets and strong consumer spending. At the same time, the current expansion is now at 113 months, the second longest streak since World War II and close to besting the 1990s expansion at 120 months.
Read: Market Volatility Elevated Amid Concerns of Tighter Monetary Policy
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