By Frank J. Diekmann
I need a moment of your time and for you to read this if you’re involved in leading a credit union and you hope and plan to be around tomorrow and the year after.
And then I need you to share your thoughts, because unlike all that other spam telling you your feedback is “valued,” in this case it really will be read and taken into consideration.
In short, I’m asking you to be part of a two-minute focus group that could lead to something you very much will want to be a part of.
I am seeking to gauge your interest in nuts-and-bolts conference in 2018 aimed at credit unions that are not primarily interested in merging 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 five specific growth areas at which many 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.
None of this would be the “20,000-foot view” stuff; this would be straight from the ground, because if you’re not grounded in a good foundation, adding additional stories doesn’t really matter, does it?
You can’t read a blog or book or hear a speaker without someone talking about a “tipping point.” Usually it’s about technology or demographic trends. But even if it’s in the back of your mind, you probably realize the U.S. credit union community has also arrived at such a tipping point, and which way it tips is up to you and credit unions. You’ve seen the numbers--it’s a make or break point. I, CUToday.info, and a number of others are looking for those who want to make it.
At one of the big trade association shows recently, two of its leaders made the same statement: “Growing is winning.” But half of that association’s membership isn’t growing. Are they destined to lose? And where is the help they need?
It's Prime Time
It’s prime time to tap one of the great strengths of the credit union community—the community piece—in which people who care about their CUs and members come together, collaborate, learn together, and go home with concrete ideas and strategies to better prepare to compete in the future.
This idea is being given serious consideration due to all the feedback both I and CUToday.info have received from credit unions saying they will have to consider a merger—even if it isn’t their first option—if they can’t build a better foundation and strategic direction.
One of the great––albeit sad––realities within the credit union community is that those who would most benefit from attending a conference or meeting 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 discuss:
- Building a meeting in which registration costs are kept as low as possible (our goal is under $500) so the meeting falls within even small CUs’ budgets. There will be no famous (and expensive) keynotes or golf tournament.
- Hosting meeting in a hotel where rates are more affordable than many standard CU events.
- Locating event in a market served by a discount air carrier (even if not carrier of choice, it typically means lower fares on all airlines flying to that city).
- Limiting the time involved to no more than two full days of information and strategies.
- Having all presentations made by credit unions/CUSOs drawing on in-market experience with quantifiable ROI.
In multiple discussions I’ve had with various CU leaders, here are the core issues that 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.
Now, The Big Question
But that’s where we are asking for your help. One of the objectives in announcing a potential event is to hear what you would want so we can create an unparalleled agenda when it comes to meeting the needs of credit unions that intend to not just survive, but prosper. 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. We will take all that and then FOCUS on a core group of critical needs and wants.
And, most critically, I need your feedback on whether you would attend this type of event for smaller and mid-size credit unions, provided we meet the exciting but practical objectives we have outlined here. Given all 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.”
A few may see it as old–fashioned, but there are few more effective 21st century concepts or credit union strengths than collaboration. Our goal is to leverage the power of credit unions helping credit unions.
What do you think? Please let me know at Frank@CUToday.info. Thank you.
Frank J. Diekmann is Cooperator in Chief at CUToday.info. He can be reached at Frank@CUToday.info or @FrankCUToday.