Growth & Technology - Two Credit Union CEOs Plan for 2017
As we begin the Fall season many of your Credit Unions are also beginning the strategic planning season! So we reached out to several Credit Union CEOs we work with or we've worked with in the past and asked them about their plans for 2017. Here's a couple of items that seem to be popular on their lists:
#1 CU Leadership Priority for 2017:
Technology is King
According to Jim Garvey, CEO of St. Mary's CU, a $600+ million CU headquartered in Marlborough, MA, "our biggest priority is to migrate our operating core to a new platform which will allow us to offer our members a significant upgrade to their mobile banking experience."
This seems to be a common goal for CUs we are talking with. Maximizing their mobile performance to entice new members and retain existing ones. "Mobile banking is quickly becoming the major touch point between members and the credit union and we must offer top of the line mobile banking."
#2 CU Leadership Priority for 2017:
Growth & Mission
A former client, Marshall Boutwell, CEO of Peach State FCU, a growing Atlanta area CU with $300+ million in assets, remarked that "our strategy for growth in 2017 includes merging with smaller CUs that are struggling so we can provide a full compliment of products and services to those members."
Dedicated to the CU mission of serving working people and focusing on members who may not be the highest earners, Marshall says "people are worried about competition from high tech, but we think there's still a lot of people who need high touch."
Now, priority #2 might seem to fly in the face of priority #1, but in fact "the continued build out of our online account opening utilizing social media/marketing to attract new and existing members" is also a huge priority for St. Mary's, according to Jim, and his CU's strategy involves content production that personalizes the Credit Union and provides real benefit to members and potential new members via e-books, blogs and checklists on topics of interest to their readers.
So in a sense high touch and high tech can converge!
Here's another blog about 4 Critical Elements to Growing Your Credit Union you might also find useful.
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About Meredith Olmstead
Meredith Olmstead is the Founding Partner of Social Stairway, LLC, which provides Digital Marketing services to Credit Unions and Affiliates. As an experienced Director of Online Marketing, she has implemented marketing strategies for various industries and as a Marketing Consultant she has worked with Credit Unions, taking staff step-by-step through the process of launching all of their Digital Marketing efforts. Meredith recommends a very clear and measureable strategy to all of her CU clients, and then works with them to re-evaluate the success of these efforts on a continuing basis, all with an eye on moving toward a clear return on your online marketing investment.