Growth & Technology - Two Credit Union CEOs Plan for the Future
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 the future. Here's a couple of items that seem to be popular on their lists:
#1 CU Leadership Priority for the Future:
Technology is King
According to Jim Garvey, CEO of St. Mary's CU, a $800+ 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."
We are also seeing a huge number of credit unions planning for full website redesigns in the coming months. Many CU sites today are simply glorified digital brochures. But more and more progressive institutions are looking for ways to better monitize these online assets and turn them into lead generating machines.
Related Post: How to Build a Powerful Credit Union Website
#2 CU Leadership Priority for 2017:
Growth & Mission
A former client, Marshall Boutwell, CEO of Peach State FCU at a growing Atlanta area CU with $300+ million in assets, remarked that "our strategy for growth 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.
Interested in learning more? Let us show you how... email us today!
Related Post: Is Your Credit Union Website Really ADA Compliant?
About Meredith Olmstead
Meredith Olmstead is the CEO and Founder of Social Stairway, LLC, which provides Digital Marketing & Sales services to Credit Unions and Affiliated Organizations. With experience working with financial institutions in markets of various sizes around the United States, and as an experienced Director of Online Marketing, she has helped design and implement numerous marketing and sales campaigns. Since 2013 Meredith has led the Social Stairway team, working exclusively with Credit Unions, taking staff step-by-step through the process of launching all of their Digital Marketing efforts, as well as implementing full Inbound Marketing campaigns and providing Sales Enablement training and support. Meredith recommends a very clear and measureable strategy to all of her 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 sales and marketing investment.