Connect ► twitter| youtube|  Log In ► Members Only  |  Corporate One Safekeeping  |  Search

2019 Strategic planning: Financial trends and opportunities to keep in mind

From the CEO
July 2018

Dear members:

I find it hard to believe it’s that time of year already, but many of you have already begun 2019 strategic planning with your executive leadership teams and/or your boards of directors. Whether you’re already knee-deep in the middle of planning for next year or about to get started, I’d like to remind you of a few important financial trends and opportunities to keep in mind as you make future plans for your credit union and your members. Here at Corporate One, we’ve aligned our current strategic initiatives to these trends, so if you have any questions, I hope you won’t hesitate to consult with our executive leadership team and senior management.

Consult our experts

Melissa Ashley
CPA, EVP and CFO
mashley@corporatone.coop

Tammy Cantrell
EVP, Asset/Liability Management
tcantrell@corporateone.coop

Jim Horlacher
EVP and CIO
jhorlacher@corporateone.coop

Keith Riddle
EVP, Enterprise Solutions Development
kriddle@corporateone.coop

Developing an innovative, agile and change-ready culture

The financial services industry is more innovative and competitive than ever with competition coming from both traditional and non-traditional providers. Action is needed today to ensure that we continue to be successful financial partners to our members well into the future. One of the ways to be proactive in this area is to consider shifting your culture to one that recognizes the value and opportunity that comes with innovation. Investing time and resources into strengthening your knowledge of faster payments, digital-first solutions, and user-experience best practices will position your credit union well both for the present and the future.

Preparing for the adoption of real-time and faster payments

Fintech providers, government players, financial institutions and everyday consumers continue to fuel the reality of real-time payments in the U.S. As consumers’ desires and expectations grow for streamlined, convenient and immediate payment solutions, the need for use cases that expand B2C and B2B options, facilitate loan payments and other disbursements, and collect payments will only increase. Now is the time for your credit union to consider how it can develop a payments strategy that implements faster payment options that are scalable, reduce IT complexity, and offer seamless, intuitive user experiences.

Embracing digital transformation brought about by fintech

The demand for digital services in all areas of member engagement – onboarding, cross selling, servicing/retention – remains strong, and consumers are seeking many of the frictionless user experiences provided successfully by fintech providers, including Google, Amazon, Facebook, and Apple. Mobile offerings are merely a precursor to a more expansive digital-solutions portfolio and assessing your credit union membership and aligning your future adoption of digital solutions with what will enhance their experience with you will help ensure your credit union remains relevant and competitive.

Maintaining a growth mindset

Credit unions continue to look to fuel growth through a variety of channels. And, while a lot of the focus for growth is in the digital area, maintaining multiple and diverse sources of liquidity to manage and demonstrate a sound liquidity posture remains fundamental. Demonstrating this sound liquidity posture helps maintain a robust lending strategy that propels your organization toward the desired growth objectives while maintaining long-term viability. Efficient and diverse investment and funding solutions are key to meeting both your credit union’s and your members’ present and future goals

I hope you will reach out to our experts here at Corporate One who are happy to consult with you on the best ways to meet your members’ expectations, increase revenue, and make it easier to do business with you. You can also reach me directly anytime at lbutke@corporateone.coop.

Best,
Lee C. Butke
President/CEO