5 things every credit union board wants for their 2015 budget

by Ongoing Operations

by: Kirk Drake

In my experience there are three things that every board wants.  Less Risk, More Profits, and More Predictability.  The good news is that as financial institutions you are pretty good at all three of those.  That being said – board members should be pushing their management teams to have defined strategies for the following five areas:

  • Mobile Wallet Strategy
  • Integrated and Holistic IT Security
  • Content Marketing
  • Data Analytics
  • CUFX

Mobile Wallet

Google Wallet, CurrenC, ApplePay, ISIS, PayPal, AmazonPay.  The world of payments disintermediation is coming.  Smart phones are changing our shopping and payment experience.   Credit Unions board should be a demanding a mobile wallet strategy and plan that enables the credit union to maintain its brand and relevancy with its members.  It should have the ability to create new revenue channels, lower risk, and work for ALL members with SmartPhones.

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