Fintech

Toward the end of 2008 I began urging credit unions to devote at least a small amount of time during upcoming strategic planning sessions to developing strategies that would deal with an extended period of ultra-low rates and soft loan demand.

NAPLES, Fla.-The steps may be among the most basic, yet they are often overlooked in strategic planning.

DALLAS-Everyone's heard of Dodd-Frank. But few are as familiar with all it entails as they should be. And that could make for a challenge in 2012, observed one person.

COSTA MESA, Calif.-If a credit union is not offering online account opening and loan processing, it is a topic that should be broached during strategic planning for 2012.

SPOKANE, Wash.-Credit unions have always prided themselves on knowing their markets and communities. But that's just not enough when it comes to planning for 2012, according to one person.

SAN ANTONIO-SWBC's strategic planning advice to credit unions: You can't put too many eggs in the lending basket to drive ROA next year.

SAN DIEGO-One company that has insights into what credit unions and banks are planning for 2012 said the former had better prepare for even more formidable competition from the latter.

DES MOINES, Iowa-It's time for the credit union to get creative with lending in planning sessions, because the plain vanilla 2.9% auto loan rate is not going to cut it anymore.

CINCINNATI-Credit unions don't need to do anything special when it comes to planning for 2012, according to one executive, as long as they keep their focus on what has made credit unions unique and engendered member loyalty.

Credit cardholders made at least $72 billion more in payments on their credit card accounts than they spent on purchases using their cards between the first quarter of 2009 and the first quarter of 2010, underscoring the dramatic effect the recession had on consumer behavior, a study from TransUnion suggests.