When it comes time to plan for your credit union’s future, what issues are on the agenda for your next strategic planning session?
The 2019-2020 CUNA Environmental Scan explores trends that will affect the credit union industry in the near future and provides insights that will allow credit unions to make intelligent decisions about their future. Two trends include:
Consumer expectations of digital service are changing rapidly. If credit unions don’t evolve quickly enough to meet these expectations, they’ll lose members’ loyalty to companies that provide a better digital experience.
“Digital consumers are now conditioned to access what they want, when they want it, and from whatever device they want,” says Samantha Paxson, chief experience officer at CO-OP Financial Services, a CUNA associate business member at the elite level.
Enter the importance of digital dexterity, or the ability to provide a robust member experience through mobile, online, and other channels.
For credit unions, the innovation it will take to transform will come from a strong commitment to and competency in integration strategy, a new innovation. By unifying disparate technologies, networks, tools, and solutions into one seamless and secure experience, credit unions will accelerate their innovation, expand their reach, and offer members financial solutions they may have never thought possible, Paxson says.
Accountability, collaboration, communication, emotional intelligence, and integrity are some attributes of today’s successful leaders.
But what about up-and-coming credit union leaders? And what inventive structures will grow the next generation of leaders?
It’s important to remember there are many potential leaders who are already working in credit unions and have aspirations to learn and become the next generation of leaders, says Jeff Rendel, president of Rising Above Enterprises.
Winning the war for talent certainly goes beyond competitive pay, generous benefits, and flexible work schedules. Winning involves preparing professionals for roles that leverage their talents with your credit union’s desire for higher levels of internal engagement and commitment.
Design programs for high-potential employees. Identify staff who demonstrate a desire and ability to advance and lead, and develop a range of formal programs to assist them.
Give emerging leaders opportunities to present before senior executives, the CEO, and the board.
“Invest in their strategic value. Invest in their ideas. Invest in their vision for the next era of your credit union,” Rendel says.