Everyone seems to be talking about the new normal. I am not a fan of the phrase “new normal.” Normalcy has always been the siren’s call to irrelevancy and plateauing for credit unions. Here the five things your credit union needs to consider as we move out of this pandemic:
1. Branches that don’t transition to advisory centers will drive up operating expenses. Too many people have moved to the mobile and online platforms for transaction services.
2. As consumers rapidly adopted touchless payment, reliance on check processing will face a more considerable headwind, but interchange income will grow. Positioning your credit, debit card, and wallet offer for the top of the wallet is a necessary initiative.
3. Performance management and leadership alignment are going to be more critical than ever as credit unions adopt a remote workforce. Leaders will need to learn how to lead remotely; managers will need to learn how to coach, manage, and build teams remotely. As people work remotely, they will need to learn how to establish their value and leadership from afar.
4. With more back-office employees working remotely, the corporate headquarters will need to be reimagined. There is a real risk that a lot of home offices will have a “very casual use of space,” and if that space isn’t subleased or repurposed, it will adversely impact operating expenses.
5. There will be a spotlight on ensuring equity for all people regardless of color, gender, sexual orientation, and religion. HR needs to move from HR compliance to working hard on the cultural alignment challenges across departments and divisions and actively developing systems and processes that eliminate any biases in hiring, promoting, transferring, firing, layoffs, training, and development.
I do believe that the DNA of most credit unions will allow these changes to happen quickly.