Every single day your team is affecting lives. This is not a “pick up your paycheck on Friday” kinda job. We deal with numbers, but this is not cold math.
THE 'tude
Over the last 18 months, credit unions have experienced healthy loan growth, and have seen loss and delinquency ratios decline. Is it because credit unions are doing a better job of lending than prior to the recession?
A year ago I sat down with Bob Hackney, CEO of CSCU, and while there was much to talk about in the card processing/payments business, but one issue overshadowed all: the 18-month countdown to the liability shift in credit cards from merchants to issuers, IF the issuer didn’t convert their portfolio to EMV, or chip cards. Would everyone make it? Would anyone? There were rumors of card stock shortages and fraudsters hacking EMV. The deadline for conversion and the rumors remain. And yet all that seems so 2014.
In financial services, nobody builds personal relationships like credit unions can—and nobody understands your credit union’s members better than you do. More and more members want to connect with their credit union through the mobile channel. Mobile banking is expanding five times faster than Internet banking, and mobile wallets continue to build on that growing popularity. In the past year alone, the number of consumers completing point-of-sale payments with their mobile device has nearly tripled.
One of the biggest problems with government regulation is that once put in place it never goes away and rarely is changed.
No. Not really
Once again, NCUA’s year-end 5300 data shows some growth in members and assets. But the number of CUs continues to plunge, and one-out-of-five-still-alive ended the year in the red.
It isn’t so much that credit unions are drowning in big data; it’s that credit unions are drowning in people talking about big data.
Have you ever walked out of a board meeting thinking, “Oh my I can’t take it any longer. Either I quit or something has to change”? Do you question why you continue to put up with the “same old, same old” that not only doesn’t seek new ideas, but doesn’t tolerate them either?
It is great to see our industry finally seeking real regulatory relief in the form of exemptions for credit unions from all of the onerous regulations imposed on us the past six years. I applaud these efforts, but can’t help but wonder why it took so long. Credit unions below $50-million in assets have been especially besieged by these regulations and our numbers have dwindled as a result.
Innovation is the “modern art” of business strategy. Much talked about. Often debated. Frequently misunderstood. And no two people seem to agree on what they’re seeing, Even those who see the value in the end-product will tell you the whole process can be pretty abstract.