SAN DIEGO – Credit unions can grow in 2009 and beyond, but it’s going to require some hard choices.
That was the message to attendees at Credit Union Journal’s Grow Show by opening keynoter Brett Christensen, president of Austin, Texas-based CU Lending Advice. He made it clear there are plenty of opportunities for credit unions to grow lending and ROA – but they likely will not enjoy the tough decisions needed to be made. “If you want a dramatic change to your bottom line, you might want to consider dramatic changes.”
Among the dramatic changes Christensen suggested: expanding lending to C, D and E members, while avoiding “stupid loans”; investing in the new FICO 08; recognizing that despite the quality of the product menu, many employees simply lack the skills to sell the CU’s products; coming to grips with the fact the credit union likely is overstaffed; and, using relationship pricing.
