CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • CUNA News
    • Policy & Issues
    • CU System
  • Credit Union Magazine
    • Technology
    • Lending
    • Compliance
    • Marketing
    • Management
    • Operations
    • Human Resources
    • Volunteers
  • Advertise
  • Contact
  • Subscribe
  • Buyers' Guide
  • Awards
    • CU Rock Star
    • CU Hero
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » PODCAST Replay: Be a future-focused board
Management Volunteers

PODCAST Replay: Be a future-focused board

Focus your strategy around multiyear growth plans, Jeff Rendel advises.

March 22, 2018
Adam Mertz
No Comments
Jeff Rendel

Jeff Rendel likes to joke that “if you’ve seen one credit union, you’ve seen one credit union.”

But while every institution is unique, the strategy and leadership consultant has identified some universal truths about strategic planning through his daily communication with credit union leaders and the more than 100 days a year he spends on the road.

The foremost is that credit union boards must keep their focus on the future and the big picture, giving credit union staff latitude to create their own path to achieve the goals directors establish.

Your browser does not support the audio element.

“What's most important on the strategic side is, where do your members need your credit union to go?” Rendel says in a replay of the CUNA News Podcast. “What do we need to be thinking about and investing in and considering for the next three to five years of serving our members, versus how do we grow from 2.1 products and services per member to 2.2? What are we doing to prepare for growth five years from today?”

As credit unions enter the strategic planning season for the coming year, Rendel stresses the need for open, fluid conversations between the board and senior management. And, drawing a parallel from his early days in community banking, Rendel reminds directors to approach this responsibility mindful of their fiduciary responsibility toward members.

“I look at credit union members as investors. They are the owners of the institution,” says Rendel.

“When we look at our members as investors it tells us these are the folks who have risked their capital—maybe it's $500, maybe it's $50,000—and are expecting a return,” he adds. “That return might be services, it might be more well-priced products and services, it could be patronage dividends, or a combination of all that. They expect a return on their investment because they have choices in financial services.”

You can listen and subscribe to the CUNA News Podcast in Apple's iTunes Store, Google Play, and Stitcher Radio.

KEYWORDS board cuna management school planning
  • Related Articles

    6 traits of top-notch investment portfolio management

    PODCAST: Align your vision and strategy to fulfill your mission

    PODCAST: The future of financial services with Mark Meyer

Mertz-140x120
Adam Mertz

PODCAST: Trust your inner wisdom

More from this author

Post a comment to this article

Report Abusive Comment

This Month Payments: Perils and Promise

Payments: Perils and Promise

The payments arena offers new opportunities to connect with members.
Cards Are (Still) King

Cards Are (Still) King

Credit and debit cards still drive the competitive payments market.
Open Banking on its Way

Open Banking on its Way

Prepare for the impact it will have on member relationships and competitive positioning.
App Digital Edition Subscribe

Trending

  • Compliance: CUNA offers webinar series on Regulation Z

  • Senate OKs CUNA-backed disapproval of CFPB lending bulletin

  • CUNA backs Senate use of CRA for CFPB lending bulletin

Tweets from @CUmagazine and @CUNA_News

Polls

How often do you talk to the board about compensation?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors