BOISE, Idaho (9/14/15)--Meeting members’ expectations was the crux of discussions at the Idaho Credit Union League’s 2015 CEO+ Roundtable held last month in McCall, reported the league in its monthly newsletter, Gem (September).
Credit unions need to stay focused on the wants and needs of members as options for financial services and providers proliferate, said Matt Davis, founder of the 6th Story consulting group and former director of innovation at the Filene Research Institute, in a session on “Branches, Smart Phones and New Technology: The Evolving Definition of Member Convenience.”
Credit union leaders and staff from around the state also attended sessions about state issues.
Gerald Hunter, president and executive director of Idaho Housing and Finance Association (IHFA), told how credit unions of various sizes can leverage the IHFA to offer home loans or financing for developers and small businesses.
Craig Shaul, Idaho Department of Labor research analyst supervisor, communications and research division, said a shift in the state’s demographics demonstrates the need for credit unions to prepare for the continued aging of the state’s population, urban growth and a widening employment gap. He also discussed trends in job classifications and their likelihood of being supplanted by technology.
Jay Petty, CUNA Mutual Group executive benefits specialist, discussed Leadership Continuity: the Next Generation of Succession Planning. Credit unions should make succession plans not only for their CEO but also for key senior staff, he said. He provided examples of best practices and discussed the role executive benefit plans play in recruiting and retaining executives.
A closing session by Davis emphasized that successful companies, including both new market entrants and survivors, often must reinvent the market or themselves. Credit unions are at a crossroads or inflection point, where they must reckon with member and consumer expectations and new competitors, he said. He presented examples of successful reinventions and strategies.