TEMPE, Ariz.-Budget custs for the sake of budget will not improve the bottom line, stressed Nicolette Lemmon, president of LemmonTree Marketing Group, who emphasized that reducing line items such as the marketing or training budget can be costly in a time when credit unions have the opportunity to grow.
After speaking with a number of CU CEOs across the country, Lemmon recommended outsourcing as a solution.
"Credit unions are trying to work more efficiently by trimming budgets and outsourcing more functions," Lemmon told Credit Union Journal. "Because of growing compliance demands and need for technology, NCUA assessments, along with a lower fee income and a trickle from investments, all of a sudden everywhere the CEO looks there is a challenge."
