Not everyone loves a challenge, but small credit unions face them every day. Small credit unions encounter more constraints than their larger CU counterparts, yet they get the opportunity to provide creative solutions that put them out on top. The limitations imposed on small credit unions have only made their solutions more targeted and innovative and allows them to connect with their members in a way that large credit unions cannot. Here are three ways small credit unions outperform larger financial institutions around them, despite the many hurdles thrown their way.

When a financial institution states they offer digital account opening, oftentimes that's not the reality. True digital account opening means that the entire process can be completed online, without a visit to the branch. Most credit unions are somewhere in between true digital and traditional in-branch applications, where the process can be started online but must be finished in-branch. With digital ruling as the preferred method of communication for many, providing a complete digital experience for account applications is important for credit unions both big and small. Here are four ways credit unions can get on board with digital account opening.

Providing an omni-channel experience is key in many industries. For credit unions, the same holds true. Members need the opportunity to engage online, in-branch, by phone and via mobile for a full omni-channel experience. However, when it comes to lending, some methods of communication are more efficient and cost-effective. Encouraging members to apply for loans by phone, online, or through mobile are the best methods for several reasons. Here are 9 ways these channels will be more convenient for staff and the credit union in general:

Now that the flood waters have receded, many North and South Carolina credit unions are reviewing the effectiveness of their disaster recovery plans and analyzing necessary adjustments for future preparedness. When disasters such as Hurricane Florence strike, if you were impacted or not, it serves as a nudge (gentle or not, depending on your location in relation to the disaster) to re-examine your own business continuity plans. Disasters come in many forms: some as catastrophic as a hurricane or earthquake, others as simple as a power outage that, if not prepared to react, can bring operations to a halt. Having an updated disaster recovery plan at your credit union that is tested and evaluated a few times a year is key.

Change has never been to known to be easy. In fact, there is an entire industry built around change management or the process of preparing your credit union's leaders, boards, employees, and members for organizational change. Change comes in many forms, from navigating a merger or acquisition, to the conversion of core technology on which your credit union relies. While the process of selecting a new core system can be exciting for management-level staff during the initial review process, stress extends throughout the organization during implementation of the new system. Here are tips to address these potential pitfalls before they derail your conversion:

Recently Facebook experienced the largest one-day drop in history when it’s stock price plummeted $41.24, which turned out to be a decrease just shy of 20%. Facebook’s stock price has proven to be volatile throughout 2018 between decreasing user engagement, the Cambridge Analytica data breach, and Zuckerberg’s highly televised testimony to Congress. However, the biggest hit came at the end of July when Facebook released its Q2 earnings report, which unsettled investors once they saw a decline in active Facebook users, new obstacles emerging from Europe’s updated privacy laws, and concerns regarding the monetization of ads on Instagram leading to an overarching concern about Facebook’s potential profitability moving forward. Despite the variety of issues that led to Facebook’s demise in the stock market, the source of these problems all stems from one place: Security.

Any given Sunday, the NFL delivers surprises, but nobody expected the surprise that Buffalo Bills' Vontae Davis delivered mid-game during the Bills eventual loss to the Chargers. Davis came to the realization that he "shouldn't be out there anymore," pulled himself out of the game, changed into street clothes and left the stadium, later announcing his retirement from football. Davis knew he was struggling physically after ten grueling years in the professional level of the sport, and decided to "walk away healthy than limp away too late." While his timing is being questioned by teammates and fans alike, there is no doubt there is a lesson here that's applicable to all of us. Knowing when to say no to a member that becomes more harmful than beneficial is a key, but difficult, skill for credit union executives to master.

Market conditions are a contributor to the number of loan applications that you receive, but ultimately, your staff and solutions are what make a great lending partnership between members and your credit union. There are several factors within your control that can help your lending process become more efficient, effective, and successful. Here are 10 factors to consider when refining your credit union's lending process.

Organizations are straying away from the annual employee review process in favor of organic, year-round conversations. Annual employee reviews are now seen as both inefficient and ineffective, considering a good manager-employee relationship would cultivate this type of conversations as needed. Even though annual reviews are fading into the background, that doesn’t mean credit unions should stop monitoring their staff’s skill level. MSRs will respond better to constructive criticism and skill development if their performance is backed by numbers and data that indicates areas of strengths and weaknesses. There are key metrics readily available from your core technology to aid in evaluations and in improving credit union processes, plus these metrics can identify where your employees are excelling or where they need improvement.