Peer Pressure: How Do You Stack Up Against Other Credit Unions

By Preston Packer |

May

24

Many credit union executives use their bottom line profitability as the primary measure of their success. Other credit union boards solely focus on the financial performance of a given quarter or year as it compares against the prior term's figures. By putting the focus of your CU's success on past results, you lose the advantage of being a forward thinker; You ignore how well your key performance indicators (KPI's) measure against the results of credit unions in your asset group. Approaching your performance measurement this way is known as “benchmarking”.

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8 Credit Union Growth Stats You May Not Know

By Preston Packer |

May

17

There has been a great deal of discussion lately on the struggles of smaller to medium-sized credit unions. They face many challenges to remain on par with their peers, while not breaking the bank. However, the other side of the coin is the strength of the industry as a whole. Though 70% of the credit union population is composed of smaller credit unions, here are some numbers that illustrate basic performance facts of today's credit union industry:

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5 Must Have Mobile Banking Video Tutorials for Credit Union Websites

By Preston Packer |

May

15

Studies have found that 90% of information transmitted to the brain is visual. Additionally, visuals are processed by the brain 60,000 times faster than text and videos improve learning retention by up to 400% over text-based manuals. Understanding exactly how to use your mobile banking app is critical for your members and their digital experience. While some tools might seem self-explanatory, many features are not so easy to grasp. And while at times, on-screen instructions are sufficient, they often aren’t enough, especially when the task involves multiple steps.

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The Top 5 Crutches that Create Performance Disparities Between Large and Small Credit Unions

By Preston Packer |

May

08

Many Small credit unions are fighting an uphill battle to compete in the financial marketplace and to gain a better foothold. With recent numbers illustrating their decline in membership, assets and loan growth, it seems small credit unions have a blurry future. However, with an estimated 70% (4000/5684) of total operational credit unions classified as small (having under $100M in assets,) they represent a huge portion of the industry, and their struggles shouldn’t be easily dismissed.

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Tech Costs are Killing Small Credit Unions

By Preston Packer |

Apr

26

In order to stay relevant in today's fintech world, you must have all the latest member service features in your digital arsenal. Staying in touch with tech trends and being aware of what's being developed on the horizon is important, as is being able to implement it with the rest of your technology when it's market ready. It's imperative to find ways to stay one step ahead of your competition and differentiate yourself from the rest. However, in a monopolized financial industry where the principle of economies of scale is alive and well, it's difficult for small credit unions to meet the price tag of the tech that will make them competitive. 
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Not For Profit Shouldn't Mean You Are For Loss

By Preston Packer |

Apr

12

According to Investopedia, a credit union by definition is "a type of financial co-operative." They follow the basic model of any co-operative and pool their money in order to be able to "provide loans, demand deposit accounts, and other financial products and services to each other." They are classified as 'Not-For-Profit' and their unique ownership structure, in which all members are co-owners, allows for the profits to be reinvested and for members to benefit directly through lower fees, rates, etc. Credit unions being labeled as 'Not-For-Profit' can be misleading or confusing to some. In order to function and cover overhead and operating costs, not to mention great rates, a credit union must generate a profit. And, as with any business, the more revenue generated translates to growth and a thriving credit union.
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