THE boost

Credit Union Growth Strategies
 

You know the saying: “Grow or…!” If you can’t complete that sentence, well, we’ll try to remember to send flowers. CUToday.info is dedicated to helping CUs grow by providing a little “mulch” in the form of reporting on successful growth strategies. This section will be a growing depository of such reporting on a variety of topics. Have an idea to share? Drop an email to Frank@CUToday.info.

ORLANDO, Fla.–Forget about fintech. Ditch those “clichés” otherwise known as best practices. And realize what you strongly believe doesn’t apply to what you or your organization actually likely does. 

STAMFORD, Conn.—Should credit unions outsource their data analytics to a third party?

RICHARDSON, Texas—One company said it is offering credit unions a new way to extend another value-added service to members to drive revenue and the CU’s brand.

HOUSTON—The growing demands from regulatory compliance and technology upgrades are making ATMs a “money pit,” says one cash machine expert.

LAKEWOOD, Colo.—While credit union trade groups tout the benefits of the new regulatory relief act, one expert is saying it will take time for CUs to truly see relief–and in the near term the bill will actually increase costs for many credit unions.

SAN ANTONIO—Credit unions need to move away from “seasonal” loan marketing in favor of omni-channel, ongoing promotion of their lending products.

ONTARIO, Calif.—Consumers are willing to pay for a better experience, and credit unions that simply rely on price and the “traditional” definition of service to compete will lose, according to one expert.

MILWAUKEE, Wis.—Digital banking is forcing credit unions to be much more efficient with their branch space, says one design and build firm.TON—The growing demands from regulatory compliance and technology upgrades are making ATMs a “money pit,” says one cash machine expert.

SEATTLE—The back office is more effective when the workspace is designed to strengthen collaboration and productivity—as opposed to being built around individuals’ work spaces–which can be seen in square-footage costs per employee, according to design/build firm Momentum.

RANCHO CUCAMONGA, Calif.—While the attention has been on regulatory relief, one expert believes passage of S. 2155 will bring many new revenue opportunities to credit unions.