ST. PETERSBURG, Fla.-Michael Kelly is clear about the fact credit unions must concentrate on three things to drive the bottom line near term: extend their reach, use strong analytics tools, and partner with the right suppliers to improve CU performance.
The president and CEO of PSCU did not suggest one area deserves greater attention, but began by emphasizing that extending the credit union's reach means focusing on mobile and online channels. "Make it fast and make it clean. Consumers are impatient these days. If it takes an e-mail to arrive in seven seconds we're infuriated."
As consumers are presented with more financial choices and credit unions need to be efficient with their targeting, Kelly said CUs have to invest in strong member analytics. "These tools allow you to make the right offer to right person through the right channel at the right time. Overall, you have to engage the consumer. It's really smart to understand where you see your members-who uses the branch versus those who prefer online. Do you interact through direct mail, text, call a member's cell phone? You really have to understand your member base because all members are not created equal."
Finally, Kelly believes strategic partnerships improve CU performance, outsourcing business processes where the credit union lacks expertise to redirect internal resources to areas of strength. Kelly provided an example where PSCU took over the call center operations for a large Texas CU and raised the credit union's call center member satisfaction rating to 97% from 70% in one year. "Credit unions don't have unlimited resources. Take something off their hands so they can go about what they are really good at."
For info: www.pscufs.com
