Three Questions Every Credit Union Should Ask During the 2020 Planning Season
CUNA Mutual Group outlines key considerations for credit unions as they navigate the COVID-19 operating environment.
Editor’s Note: CUNA Mutual Group is a trusted investment and insurance partner for Northwest credit unions. The Northwest Credit Union Association is pleased to welcome CMG as the platform sponsor for the new digital learning program, CU Learning TRAXX. Register today and join CMG’s Chief Economist, Steven Rick, on Aug. 5 for a thought-provoking session on the long-term economic effects of COVID-19.
Credit union leaders are strategically looking at how this year’s planning efforts can address the unique and wide-ranging needs of their members, especially amid COVID-19. Ensuring the credit union industry is well-positioned to help members who need it most will require expansive thinkers who are ready to bring about real change — both for the Movement and the people it serves.
According to Strategic Link partner, CUNA Mutual Group, leveraging the power of predictive data is key to determining where credit unions can have the greatest impact moving forward. Here are three critical questions credit unions should ask when planning for the near future:
- What does transformation mean for us?
Amid a rapidly changing landscape, how can credit unions of all sizes smartly see around the corner and get in position tohelp members prepare for what’s next? Digital and data transformations are not the exclusive domain of big banks and big tech — nor even just the largest credit unions. Small credit unions can be just as nimble, digitally forward, and data-centric as their larger counterparts to meet and serve members wherever they are.
- Is it better to build or buy?
In 2020, fintech is the name of the game. Credit union members expect hyper-personalized, predictive banking experiences, and that requires supreme data competency and access to sophisticated technology. So, the question credit unions across the country are asking themselves is: do we build this technology ourselves, or do we buy? Fintech partnerships with like-minded innovators can add a layer of agility over a solid member-centric foundation.
- How do we innovate with intention?
The pace of innovation sometimes detracts from the root need for change. How can credit unions develop and fine-tune a strategy to stay focused on who they’re serving and why they’re innovating? As credit unions design their individual transformation roadmaps, it will be important to hold true to the Movement’s foundational principles and its “People Helping People” philosophy.