As we move into the new year, now is the time for credit unions to reflect on the significant changes and challenges of 2020, and look ahead to the new opportunities of 2021. Here’s hoping that we can collectively lift up our heads, without a constant need to triage everything – from the in-branch experience to supporting our member communities with loan forbearance – and proactively evaluate our operational footing while planning investments for growth.
With this in mind, PSCU’s Advisors Plus Consulting team has compiled our top five resolutions to help your credit union grow and prosper in 2021.
Resolution #1: Evaluate operational efficiency.
The key to providing a robust array of products at a cost that is palatable to your members is to ensure you are operating at maximum efficiency. Under normal circumstances, this is an assessment often overlooked, as we can tend to get entrenched in our everyday processes, procedures and tools. Bringing in a consultant as a fresh pair of eyes and leveraging their extensive experience can help. For instance, at Advisors Plus, our Card Operations and Servicing Analysis (COSA) Strategic Consultants provide an in-depth and comprehensive review of areas that could yield improved costs and efficiencies for credit unions.
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