Based on calls we have received over the last month, there is no doubt credit union leaders believe our business will be forever changed after COVID-19. The thoughts these leaders shared with us can generally [...]
Successful credit union mergers share a common theme: The credit unions increase their market share without incurring the expense of investing in new branch offices. However, realizing this and other benefits won’t occur until [...]
In a perfect world, every business would be built to last forever, but that's simply not the way things go. Competition ebbs and flows, some industries flourish, some companies flounder. In the credit union world, [...]
The success of credit union mergers is largely dependent upon CEOs' perceptions of the process. There are typically many unknowns when a credit union is first approached as a merger partner. Of course, human nature [...]
Everyone talks about the struggle for credit unions to ante up on technology spending to keep pace with the competition, but staff salaries and benefits command a larger share of most credit union budgets. And [...]
The credit union merger process is relatively complex and needs careful management to ensure a successful outcome. Apart from the merger team that oversees the entire process, a number of subsidiary teams are needed, each [...]
Imagine you're lost at sea—do you float in the water, in hopes that someone finds you, or do you do everything you can to rally resources so you can get to the next destination? [...]
I often get calls from credit unions that are considering merging into a larger credit union. Unfortunately, many of these credit unions wait too long before considering the merger option. Their deteriorating financials limit the [...]
Suddenly, the crowd erupted. Tears started flowing. Members and staff alike shouted aloud in celebration of victory. These weren’t tears of sadness, but tears of joy. Board members, staff and members embraced each other [...]
Organizational change can be quite exciting for credit union leaders. In the face of a merger, decision makers have put a lot of time, effort, and research into the process, working to understand how to [...]
We lifted our glasses of champagne in celebration; After months of evaluating merger proposals from several credit unions, selecting a finalist, and completing the final negotiations my client could finally breathe a sigh of relief. [...]
The two biggest challenges that any credit union faces are how to grow their membership numbers over time and how to retain the members they already have. Successful member retention is a product of a [...]
It’s a comment I almost always hear during strategic planning sessions, and it reveals a potentially disastrous mindset. Growth isn’t an option to consider, but a necessity to start planning for now. The [...]
Millennials, that tenacious generation born during the late 80’s and through the 2000’s, are the driving force behind a significant upsurge in credit union growth. According to a study conducted by the TransUnion, [...]
Consumers today know what they want. They do the research, shop around, and put due diligence into every decision they make. When it comes to their money, most consumers these days have a solid understanding [...]
