Lucky ’13 in 13′ Credit Union Growth Strategies

by John A. Vardallas, CAE, CUDE

2013 is the year of the snake. The snake is smart, coy and clever, but it is also ready to strike at any time, leaving those around it with the sense it will always be guarded.

Many aspects of the current American economic landscape have caused many of us to shift to a sense of “guarded optimism.” The credit union movement has always faced challenging times. However the times we are facing can be considered critical for the future growth and survival of our credit unions and the millions of members who have entrusted us as their guardian financial stewards.

There is mixed good news these days.

Regulation is getting tighter and more uncertain. Overall net membership growth is increasing. Net interest margins and operating expenses are improving. CEO and board leadership is stable. Inflation is flat, interest rates are at historic low levels and the housing market is recovering. However a high percentage of young adults are not aware they can join a credit union.

This is the year to strike while the time is right since the credit union movement is still feeling the positive affects of Bank Transfer Day. I would offer these 13 in (20)13 suggestions for setting a course to not just survive but thrive:

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