BIRMINGHAM, AL (September 20, 2021) |
Last week, the League of Southeastern Credit Unions & Affiliates (LSCU) hosted credit union professionals from across Alabama, Florida, and Georgia in the beautiful Jekyll Island, Georgia for their annual Idea Institute.
Attendees left the conference with fresh perspectives and a renewed commitment to serving their communities. Out of abundance of caution for the health and safety of attendees, additional safety measures were implemented, including the requirement for attendees to test negative for COVID-19 prior to attending the event.
“Our first in-person Idea Institute since the consolidation of the Georgia Credit Union Affiliates was a success, and we are already looking forward to the next time we can all gather together again in the future!” exclaimed Jared Ross, President of LSCU. “Thank you to our awesome Education team, generous sponsors, dynamic speakers, and attendees who made this conference possible.”
Lauren Culp, Publisher and CEO of CUInsight, gave a thorough overview of the different types of innovation credit unions may encounter and offered ways in which credit unions can continue to grow and succeed. Whether credit unions implement incremental changes or make radical adjustments, success comes in all forms and should be celebrated equally.
While some changes to existing services or products may be gradual and risk-averse, as opposed to those which may completely upend a process, it is important to recognize progress – however it may come. It is equally important to remember that great ideas do not come only from the top. Work respectfully, collaboratively (when possible), and genuinely.
When considering change, be sure to ask yourself, “is my idea desirable?” “Is this product feasible?” “Is it viable?” “Does this project have a chance of success?” If yes, the idea may be worth pursuing.
Echoing Lauren’s sentiments, Josh Cook, President and CEO of Community Choice Credit Union in Iowa, emphasized the importance of intentionality and authenticity when making changes to services. He highlighted innovations to branch locations, shared out-of-the-box marketing ideas, and expressed how their strategy resulted in increased lending.
As credit union members navigated the pandemic and continue to recover from the effects today, credit unions have worked to adapt and meet members where they were, which for many, was and is still online. The increase in interactive teller machines, mobile banking, safety precautions at financial institutions, and more allowed members to bank remotely, safely, and easily.
Several executives from VyStar Credit Union in Jacksonville, Florida also joined credit union leaders in Jekyll Island to discuss their success following investments in various financial technology (FinTech) companies. As FinTech continues to emerge as a method to improve activities in finance, credit unions can partner with these companies to fuel innovation, increase returns, and grow competition. This partnership has significantly grown VyStar’s footprint in Florida and online through a series of investments that has returned millions of dollars to the credit union, allowing them to pour additional benefits into their membership.
LSCU’s next in-person event, which will be open to all members, is the Southeast Leadership Development Conference, which will be held November 17-19 in Point Clear, Alabama.
For more information on future LSCU events, be sure to visit the LSCU website or contact a member of the Education team.