By John A. Vardalas
According to the Chinese calendar, 2022 is the Zodiac Year of the Tiger. The tiger’s personality is brave, confident and competitive, and people born in this year are charming and well-liked by others and work actively to express themselves boldly doing things in a high-handed manner. They are authoritative and never go back on what they have said.
In terms of wealth, Tigers will be careful about entering into monetary relationships with others in 2022. So, don’t expect a big windfall achievement in the year of the Tiger. Reasonably watching and spending their money will help Tigers go through the year smoothly. Tigers are not supposed to invest much in stocks or funds, so each of us would do well to focus more on exercising prudence when handling finances in the new year.
Leaders must monitor the changing economic conditions and consumers (our members) buying analytics looking for opportunities to pivot and meet new needs.
And, like tigers, we must be wary of the I-word nemesis stalking consumers and financial service providers in ’22, inflation and interest rates.
2022 will be the real year of the post COVID-19 pandemic and will give businesses and our credit unions a chance to put into practice our re-imagined strategies for the future.
Time to Be Bold
Like the Tiger, more than ever 2022 will be the time for our CU leadership to be bold and think more like futurists and implement lessons learned that have affected our operations and service to members.
Credit unions have proven we have weathered the financial storm well since COVID hit, and the new year will bring opportunities to expand on our technologies and partnership collaboration with fintechs.
Our movement should capitalize even more of the steady success we have had during the pandemic and really focus on our differentiation as a member-owned local financial institution in the communities we serve.
Credit unions should accelerate their digital business transformation and generate value from exceeding member expectations and experiences.
We must be heroes to our members, keep demonstrating our mission/purpose, tell our “people helping people” story more and focus on continuing to be a trusted advisor, first financial responder and life-line to our members’ financial needs.
Suggested Growth Strategies
Some suggested post-COVID hangover growth strategies to consider:
- Give members A strong (MX) member/values experience
- Provide more electronic transactions 24/7/365
- Offer retirement planning services
- Offer expanded remote lending/online ordering
- Promote home equity loans (home offices/family caves/backyard landscaping)
- Help more members needing financial assistance/counseling
- Promote and expand boat/personal watercraft/RVs/campers/ATV loans
- Prepare for the pent-up desire for new/used car loans
- Offer low-rate credit cards with rewards
- Offer member business loans, including for cannabis businesses and suppliers
- Consider solar panel loans for both homes and businesses
- Promote auto loans for hybrid/electric vehicles
- Don’t forget first (or second vacation) home loans
And, finally, like the Tiger credit union leaders need to be brave, vigilant and nimble, constantly assessing the financial services jungle and ready to pivot and pounce on opportunities as they present themselves.
It may mean the difference between just surviving and thriving in 2022. Happy Better New Year!
John A. Vardalas CAE/CUDE is founder/CEO of The American BoomeR Group, Madison, Wis. He can be reached at jvardallas@aol.com or www.theamericanboomer.com