CHICAGO–CUToday.info is asking management at credit unions that plan to continue operating in the near future to act as a focus group and take two minutes to offer input on a potential event in 2018.
Specifically, CUToday.info is seeking input on interest in a nuts-and-bolts conference aimed at credit unions that do not have a merger listed as their primary growth strategy, but instead want to exist for the longer term by growing and serving members.
The meeting would be aimed at mid-size CUs with a program built around a core of specific growth areas at which many CUs have indicated (and the data show) they need to improve. These practical learning and growth sessions would be led by credit unions that are peer group leaders in each respective category who will share their strategies, what they did, and how they made it work.
Before any of that can happen, however, CUToday.info is requesting the thoughts and input from its readership and the credit union community.
CUToday.info Cooperator in Chief Frank J. Diekmann noted that during a recent trade association meeting, two members of that organization told an audience that “Growing is winning.” But as Diekmann pointed out, about half that group’s CU membership isn’t growing, and that one of CUToday.info’s objectives is to help credit unions help themselves in changing that.
“This idea is being given serious consideration only due to all of the feedback both I and CUToday.info have received from credit unions saying a merger would be considered, but it isn’t what they want to do,” said Diekmann. “Their interest is in growing and effectively serving their members. But they have also said they need help in fulfilling that mission. CUToday.info is interested in playing that role.”
The Sad Reality--And The Hope
Diekmann added that one of the great–albeit sad–realities within the credit union community of credit union conferences, is that those who would most benefit from attending often cannot. To address that, CUToday.info has partnered with several people, including James L. This of James of This & Associates who has extensive experience in planning and managing credit union events, to:
- Build a meeting in which registration costs are kept as low as possible so the meeting falls within even small CUs’ budgets. There will be no famous keynotes or golf tournament.
- Host the meeting in a hotel where rates are more affordable than many standard CU events.
- Locate the event in a market served by a discount air carrier (even if not carrier of choice, it typically means lower fares on all airlines).
- Limit the time involved to no more than two full days that will be filled with information and strategies.
- Have all presentations made by credit unions/CUSOs drawing on in-market experience with quantifiable ROI.
In multiple discussions with credit union leaders, Diekmann said these core issues have percolated to the top as of primary interest:
- New membership growth/effective onboarding (especially in a mobile market).
- Building walletshare among current members
- Employee onboarding/training/culture
- Lending/sales
- Non-interest income
- Efficiencies/vendor management/cost management
Where Input it Needed
Diekmann emphasized that while those core areas of interest have emerged from interviews conducted and feedback gathered to date, one of the objectives in announcing a potential event is to gather more input and create an unparalleled agenda when it comes to meeting the needs of credit unions that intend to not just survive, but prosper.
“But here’s where we really need reader input and even some commitment,” said Diekmann. “We are excited about the credit union leaders we have heard from to date, but we are seeking more. More suggestions on content. More direction on where credit unions are seeking guidance and market-tested strategies. And, most critically, more feedback on whether you would attend this type of event for smaller and mid-size credit unions that are not seeking to merge, provided we meet the exciting but practical objectives we have outlined here. Given all the costs and time that is involved in hosting an event, we cannot and will not move forward without a better idea of demand. But from all we heard so far, we have confidence and are encouraged that there is a significant number of credit unions that want to continue to grow and serve their members.”
And although it can be dismissed by some as old–fashioned, Diekmann said there are few more effective 21st century concepts than collaboration, and a goal of the meeting for both its organizers and participants is to leverage the power of credit unions helping credit unions.
What do you think? Diekmann is asking you to take a few moments (or more if you’d like) to offer your input and feedback at Frank@CUToday.info.