TALLAHASSEE, Fla.-CUs have been trimming expenses up and down the budget. But it's not so much to save money anymore as it is to reallocate dollars to more productive areas of the business.
Credit Union 24 has seen that trend from CUs this year, said President and CEO Mansel Guerry. "Credit unions are taking a hard look at all expenses and trimming what is unnecessary. Now that the bottom line is being squeezed they really have to look at what they don't need to put the dollars to use where they need them most."
Outsourcing is one of the answers, with credit unions working to manage human resources as well as dollars. Guerry is seeing compliance, vendor management, and ATM management as areas CUs are looking to third parties for assistance. "In fact, Credit Union 24 is launching an ATM management service to take the expense and burden of ATM management off the credit union."
Where a number of CUs are shifting the savings to, according to Guerry, are their websites, business services and more robust ATMs that offer many of the services a member can get in the branch. "They are competing with what the large banks are doing here."
For info: CU24:
