Avoid the mud in 2019: Credit union growth strategies for the new year

According to the Chinese Calendar 2019 is the Year of the Pig. The pig represents the last sign of the zodiac and represents new beginnings. The pig has a calm approach to life and is one of the happiest signs however the pig can also be naïve and an easy mark for the devious or underhanded people. So each of us would do well to temper the Pigs natural idealism with a healthy dose of realistic expectations. Prosperity trends should be tempered regarding the economy and living with some anxiety will be a harbinger for credit union leadership as we head into the year.

With recent political, economic and regulatory changes added to the American landscape, the new year bodes cautionary for which credit unions will have to navigate. Overall many aspects of these changes have caused many of us to shift and use more new technology and innovation in dealing with our financial situations and engagement in serving members.

2019 is the year for credit unions to really continue to step up and help members respond to new changes and challenges (rising interest rates/cyber-security/ID theft) and not get into the mud with our competitors.

I would offer these “Super 9 in 19” suggestions for setting a course to prosper in the New Year:

1. Work Your CU Neighborhood. Focus on deepening relationships (more wallet share) with your current members. Get closer and really get to know your members. Offer one stop financial services shopping and don’t make your members jump through whoop s to do business. Continue to engage in community socially responsible causes showing the credit union difference and offering member education programs.
2. Review your Fee structures for market place adjustments. I am not suggesting we gouge our members, only that we alter fees based on the local marketplace. We still will be the best deal in town.
3. Have a Collaboration, Partnership, Alliance and Merger Policy/Strategy.
4. Train staff to cross serve and wow members at every touch point opportunity 7x24x365. Embrace being a “Member- Centric” CU. All staff, volunteers, vendors and members should be advocates for your credit union.
5. Have a well-defined Member Experience Program. Use Good On-Boarding practices to Reconnect and Engage current/new members by offering incentives–(Buy local Groupon/ miles/reward programs/prepaid cards/cash back/free credit scores/reports co-brand products) and concierge services to empower them to connect. Give members real reasons for being a member, not just a customer. Membership should have its privileges. Offer Certificate of Member Ownership/Toll Free 800 Member Care Hotline.
6. Embrace Innovation/Mobile Strategy: Mobile/Tablet Technology and Social Media. Be Appilicious–Utilize innovative ideas to create “Apps for This and That” especially for Hispanic Members. Partner with Fintechs. Teach members to serve themselves via technology. A CU Alexa will now join the Apple watch to members households and vehicles.
7. Offer Suite of Retirement Services to help Senior Members. Tax/Legal (Wills) Services/End of Life (Burial) loans/Long term Care. Look for Non-traditional/Lifestyle Products/Services that your members could really benefit. Set up Retirement Service Center programs to help boomers fund their Golden Years (Direct deposit SS Checks/Debit Card)
8. Reach out to young adults and women via Micro Lending and Small Business Services who are the fastest demographic starting their own business.
9. Stop asking Gen XYZ why they do that? Make it a strategic imperative to appeal to and attract more Youth and Young Adults. The under 30 Demographic is your next generation of lending business and lifelong members for your credit union.

Find ways to help young members ease their burden of student debt and offer financial counseling/programs.

This is not the time to get sloppy about your credit unions mission to thrive in the future. Focusing on maintaining our differentiation–why we do versus what we do in our communities will distinguish us from the rest and help us prosper.

Our Credit unions will need to step up, promote our purpose and focus on our commitment to members to stay ahead and avoid getting bogged down in the financial services marketplace.