As credit unions across the country gear up for the traditional strategic planning season, CU Journal talked wth more than 20 experts to get a preview for what next year's most critical issues will be during those planning sessions. Click here for experts' tips and advice on how to make the most of your strategic planning for the year ahead.
Metrics & Benchmarks
HOUSTON - As credit unions seek to drive out costs in their processes and systems, they should be careful to use detailed metrics and benchmarks to make those adjustments, rather than cutting across the board.
Balance Sheet Tools Make Most Of 'Fertile Ground'
DALLAS-Planning sessions should consider whether the CU has the right balance sheet tools to grow in an economy that will continue to present opportunity in 2010, according to ALM First Financial Advisors.
Next Year's Focus? This Year's Members
MADISON, Wis.-With marketing to new members likely high on CUs' 2010 strategic planning lists, CUNA Mutual Group suggests that appealing to existing members first may be the best way to grow the membership base.
Time To Grab Share
RANCHO CUCAMONGA, Calif.-Include Co-Op Financial Services among those that feel that marketing should not fall onto the 2010 chopping block.
Back To The Future
MADISON, Wis.-From CUES' perspective, 2010 strategic planning sessions should go "back to the future."
Some Assurance May Come From Insurance In '10
BALTIMORE-Aging Baby Boomers should make offering insurance products a priority for credit unions.
ATM Withdrawal
CANTON, Ohio-If the credit union's strategic plan calls for extending its reach but the budget won't permit purchasing new ATMs or upgrading existing machines, Diebold recommends outsourcing the self-service network.
Time To Review Your Product Menu
TALLAHASSEE, Fla.-Before a credit union develops its strategic targets, it should first closely analyze if certain products aren't a better fit right now given market issues.
Realignment, Coordination Needed To Grow Share In 2010
CINCINNATI-This year, credit unions have enjoyed a boon in deposits thanks to banks, and CUs should plan to leverage that momentum in 2010.
Focus On Core Strengths & Outsource Non-Core Aspects
DES MOINES, Iowa-It's time to take a hard look at what CUs do best, and focus their strengths.
Get Beyond Crisis Mode
SCOTTSDALE, Ariz.-Strategic planning for 2010 is all about understanding which products are profitable and which ones are not.
Mobile's Got Gas In 2010
ORLANDO-One firm is urging CUs to keep "mobile" in mind when planning for 2010.
Maximize Use Of Existing Tools Before Investing New Ones
PLEASANTON, Calif.-Before the credit union develops plans to add new technology to drive operational efficiency, the CU should first maximize the potential of its core system.
Shift From Crisis Management To Positioning For The Future
ARLINGTON, Va.-NAFCU president Fred Becker expects that many planning discussions will shift this year from crisis management to positioning the credit union for the future.
Payment Is One Aspect Of Profitability That Is Still Under CU Control, So Focus Energy There, Expert Says
JACKSONVILLE, Fla.-Looking to bolster that bottom line in 2010? Anthony Jabbour, EVP- core and ePayments for Fidelity National Information Services (FIS), said payment systems are the best way for the credit union to manage revenue streams.
Social Media Will Be A Driving Force For Relationship Development
BROOKFIELD, Wis.-To reach Generations X and Y, credit unions must be where their web-savvy members are.
How Shared Branching Can Reach Gen Y
SAN DIMAS, Calif.-Given the economy and the need for credit unions to lower their average membership age, planning sessions should address shared branching opportunities to reach out to Generations X and Y.
No Budgeting Out Of Crisis
ST. PETERSBURG, Fla.-When credit unions meet to talk about next year's strategies, one discussion that should not be on the table is leveraging cost control as a primary means to pull the CU out of an economic tailspin.
Step No. 1: Re-evaluate The Steps You Are Using
LOMBARD, Ill.-Before the credit union considers what should comprise its 2010 strategic plan, it should first examine the process for how it develops those annual goals.
Prioritize Auto Lending
SAN ANTONIO-Strengthening the credit union's relationships with local auto dealers should be a 2010 strategic priority, insists one industry expert, who is forecasting an auto loan boon for CUs when the economy recovers.
Strategic Addition To Loan Portfolios: Merchant Lending
AUSTIN, Tex.-Credit unions looking to boost lending portfolios should consider adding "merchant lending" to their loan mix.
Investing In Your CU's Future Must Start Today
SAN DIEGO-Will the credit union's core system lead it into the future or hold it back? That's a question progressive CU's are not waiting until their 2010 strategic planning sessions to answer, according to Symitar Marketing Manager John San Filippo.
TMG Introduces CAP As Alternative To Selling Off Card Portfolios For Capital
DES MOINES, Iowa-A new program, called Collateralized Advancement Program, or CAP, offers credit unions an alternative to selling off their card portfolio.
