Posts Tagged ‘strategy’
Strategic Planning is the Easy Part
Working with organizations across the country, I see a familiar process when doing their strategic planning. A typical process I’ve observed is loosely following these steps: Once a year a strategic planning event is scheduled with the Board and a few key executives The event starts with a “state of the industry today” presentation, typically…
Read MorePay for Performance and Reputation Risk
An increasing trend in the financial services sector is “pay for performance.” This practice shows up in several formats: Commission – rep is paid a percentage of balances acquired Incentive – rep is paid per closed referral Bonus – rep is paid based on goal performance over a set period (per month, quarter, bi-annually, annually)…
Read MoreIs your Credit Union’s Org Chart Strategically Aligned?
Is your credit union organized for today’s consumers? Credit unions are often “stuck” in an organization chart that reflects the business of the past, not the company of the future. But what needs to change? Too often the credit union’s org structure is aligned historically based up legacy roles and job descriptions. The problem with…
Read MoreYour Digital Strategy is Probably Wrong
Competing in the digital space is getting more difficult and more and more essential to the credit union’s sustainability. Chances are, your current digital strategy is missing these five things. Organizational Alignment – most credit unions have all their data in silos. IT is doing one thing, marketing another, branches another, call center another, remote…
Read MoreLeading from the Back is an Art
We often see a leader as the point person, but the reality is leaders very seldom take the point, and when all goes well, maybe they shouldn’t. Leadership doesn’t take courage; it takes owning the responsibilities of their decisions but then must also inspire the courage of others to act on those decisions. Taking responsibility…
Read MoreMarketing Must Know These Key Ratios
The primary Business Model for credit unions is straightforward. It is Money in Money out. Credit unions buy money ( deposits) from members (Cost of Funds) and then loans out those deposits to Members (Interest Income) at a higher interest rate (Margin). Of course, there are multitudes of nuance to this model, that’s why credit…
Read MoreLeaders Don’t Listen? Really?
Condoleezza Rice once said, “When you’re in a position of authority, you need truth-tellers around you.” Did she hit the mark? You bet.First, let us agree that one element of leadership is the authority. To be a leader, you must have some authority. This authority isn’t determined by power but by your ability to motivate,…
Read More5 Post-Covid Strategies
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…
Read MoreBranching Strategy, It Starts with the Member
Historically branches are seen as transaction channels. Today, this view of branches has changed and continues to evolve. Members and potential members like the convenience of brick and mortar, they like the demonstration of financial strength and security. Still, the truth is, they rely less on branches for their daily, weekly, and monthly transaction business…
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