PLANO, Texas.-Improving the bottom line is more about evaluating the return on programs rather than scrutinizing expenses.
Carla Bailey, VP-marketing strategist with Marquis, told Credit Union Journal that the CU has to challenge results. "Whatever the effort is, you have to weigh what you get out of it against what you spent."
That requires metrics on everything, and it also means shedding old relationships and habits. "Credit unions sometimes do things because they've always done them that way. There may be a relationship involved, say in an annual sponsorship. That behavior cannot be afforded now. Credit unions have to challenge the status quo."
The current environment demands CUs do more than think "out-of the box. I don't even want to use that cliché," Bailey said. "Credit unions need to eliminate the box. Let's think about new ways to leverage staff, skills, and resources."
Changing the way credit unions do things takes time, acknowledged Bailey, especially since people become "comfortable" in their jobs. "But change has to come from the top down-the CEO and the board-and then it trickles down," said Bailey, who noted that boards and CEOs often are the ones hanging onto the past.
