RANCHO CUCAMONGA, Calif. - Get ready to go home armed with three actionable items for member growth and profit improvement through payment systems.
That’s what Jim Hannisch, EVP of CO-OP Financial Services said attendees at his session during Credit Union Journal’s Grow Show can expect.
“All three could work for almost every credit union,” said Hanisch, noting the lessons to be shared will be partly drawn from the credit union industry and partly drawn from the payments industry. The rest of the strategies will be drawn from CO-OP Financial Services’ own experiences.
“The traditional model has been to earn money from lending,” noted Hanisch. “Profitability is now based on fees and interchange income, and that in most cases is payments. It has become just as important as lending services. Credit unions are going to have some work to do.”
If credit unions implement some of the strategies shared during Grow Show they can expect, in some cases, to see “significant” bottom line improvements, he said. “You can move your ROA, and right now there are more than a few credit unions that would like to move their ROA just a little bit.”
