TAMPA, Fla.—Not only will CU pricing be impacted as credit unions evolve to remain competitive in 2020, but internal changes will need to be made as well—including restructuring departments to align with emerging products.
“Credit unions will need to develop or acquire skillsets in technology, vendor management, product development—R&D—and project management,” said Tom Davis, chief technology officer with CSCU. “They will need to learn the value of their data and find ways to collect new data along the way. They will also need to create a culture of cooperation within the credit union to share data and experiences to increase the value of the data available.”
Bill Lehman, SVP of sales and portfolio consulting services at CSCU, said it is important, too, that CUs understand the demands of their current members and the members they currently don’t have.
“They will have to consider outsourcing mundane and non-value-added services so they may concentrate on more strategic product development and delivery,” Lehman said. “They will learn to evaluate risks and react more swiftly.”
Bill Lehman of CSCU speaking to Solutions Conference.
To ready for all the change that’s coming, Lehman said today CUs need to begin adjusting strategic plans to not only address what is right ahead, but also to prepare for what may emerge by 2020.
“Use of forward-thinking strategic consultants with knowledge of the evolving financial services industry is imperative to come up with strategic plans that can be effectively implemented today,” Lehman said.
CSCU is developing two key initiatives to help CUs evolve over the next five years and beyond, Lehman said.
“CSCU is enhancing our consulting services to develop an array of turnkey services that can meet objectives of credit unions of all sizes and needs,” said Lehman. “These services are developed to allow credit unions to offload routine day-to-day portfolio management activities to an experienced and knowledgeable service provider. The services also provide consultation on how the credit union can stay focused on what is important in the changing payment landscape.”
Davis added that CSCU is further enhancing its “thought leadership capabilities to keep credit unions informed and educated on developing trends in the industry.”
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