DES MOINES, Iowa-Strategic planning for 2013 needs to focus on strategies to better use member data, improve the governance model, and make more effective decisions about core competencies, according to one person.
Shazia Manus, CEO of The Member's Group, told Credit Union Journal that CUs must do all these things, and most important is leveraging the power of data analytics and intelligence to dictate holistic strategies. "Think about it; credit unions are swimming in and ocean of member data. We collect it, warehouse it, but we have to put it to work to drive strategies such as member segmentation, product bundling, channel optimization, and future products and services."
Manus pointed out that as the CU business model has changed a lot in recent years, so should governance, and boards should put in place strategies to create a strong bench of talented individuals who can develop a blueprint to successfully carry the credit union into the future. "Innovation is something credit unions talk about, but it has to be driven from the top down-from those willing to take bold risks and are visionary."
Last, Manus emphasized that the board and management team have to seriously look at the CU's core competencies during planning sessions and make decisions around what they do best and what they can outsource. "Compliance, for example; does the credit union really have the resources to stay on top of all the changes here? Competition is tough and resources are limited today. We have to be very strategic and focused in our efforts."
For info: www.themembersgroup.com
