By Frank J. Diekmann
Some odds and ends for your Christmas stocking as we finish out the year:
* I begin with my own early Christmas gift, as I received an email last week that began this way, “Good day dear, Permit me to inform you of my desire of entering into business relationship with you…” Say no more! I’m on board! And Merry Christmas to me for this unexpected holiday bonus.
* While gift cards are taking over, cash remains a popular gift (as it involves no actual shopping). But kids of the future may look upon the legal tender as some sort of antique, like sugar plums, according to Apple CEO Tim Cook, who said in remarks at Trinity College in Dublin that digital-payments systems like Apple Pay will become so pervasive in the future that “your kids will not know what” cash is.”
As part of the report, Filene said it asked CEOs from around the country, “If we were to start on just one thing right now to prepare credit unions for 2025, what would that one thing be?” The answers included:
- “Enhanced electronic marketing to keep our remote members engaged.”
- “Make sure the personal touch does not get lost in the rush to technology.”
- “Migrating everything to the cloud.”
- “Easy virtual lending and loan closing process.”
- “Eliminate Dodd-Frank and the CFPB.”
- “A great mobility product with e‑access for debit and credit cards.”
* The NCUA recently announced it has translated various portions of its public website into Spanish. That’s nice, but I think for many people they’re still having trouble with what they are reading in the English portions of the rules and regs.
* In Inc. Magazine, one recent article was headlined, “What I learned from 20 Jobs in 20 Years.” Um, how about that you can’t hold a job?
* And speaking of workers, you may have on rare occasion read in CUToday.info something about a generation better known as the M word. But the Society for Human Resource Management recently noted that by 2020 people 55 and older will make up 25% of the workforce, noting its own survey had found “one-third of organizations…unprepared for an aging workforce.” It further found that one-half of survey respondents said they track the percentage of their workers eligible to retire within the next one to two years, and 10% of employees would be eligible within two years. One third also thought the loss of talent would be a problem or a crisis for their industry and organization in the next six to 10 years.One tactic some of the companies are deploying: phased in retirements that allow for better transitions for both employer and employee. As one expert explained, “Workers gradually start clocking shorter work weeks. Ideally, this option keeps them in the workforce longer and prevents them from tapping savings and Social Security early, bettering their chances of not outliving their money.”
* A study released by cooperatives in the United Kingdom found that many stakeholders believe the government should facilitate more mergers among credit unions. Among the findings: “One large credit union thought that the current situation of around 375 credit unions across the country, many of which have fewer than 1,000 members, is unsustainable and the future objective should be around 20-30 national, general service credit unions. This view was generally supported by respondents from the voluntary sector.”
What's So Unique About You? Umm, Not Much
* I was at a conference about a month ago when a speaker asked her audience an all too common question that was followed by even more all too common responses. “What is unique about your credit union?,” the speaker asked. You will be in shock and awe to learn the first three answers were, “We go above and beyond in serving our members,” “We give really good service, and “We have a connection with our membership.” I left wondering if any of the respondents realized that if everyone is giving the same answer, you ain’t exactly “unique.” An exercise in which every credit union should participate is to ask itself that same question, and not permit any answer with the words “service” or “friendly” in it. If you’re stumped, well…I regret we will eventually likely be publishing your merger announcement.
* Speaking of conferences and statements that deserve a double take, heard this statement from a volunteer who was called on by a speaker to share what members are talking about. His response: “I am a board member and I never talk to people.” Seriously. Conference hosts should have the authority to revoke a person’s association with a credit union for answers like that.
* Driving to and from the California/Nevada leagues’ meeting recently in Palm Springs, Calif., you come across various streets named after the likes of Dinah Shore, Gene Autry and Bob Hope. It occurred to me as I watched all the Crashers in attendance at the meeting that they likely have no idea who any of these people are, of if they do, view that trio like I do the likes of Charlie Chaplin and Mary Pickford.
* Finally, as the holidays approach, I want to thank the entire credit union community for its embrace of CUToday.info. It’s hard to believe this news and resource platform isn’t even 18 months old, and yet we’re seeing record traffic, visitors, and input, while reporting more news than any other organization. So let me use two words that aren’t heard often enough, especially during the holidays: Thank you.
Frank J. Diekmann is Cooperator in Chief at CUToday.info and can be reached at Frank@CUToday.info or followed at @FrankCUToday.