Pay particular attention to three key trends shaping the credit union industry, strategic planning expert Jeff Rendel told attendees at the CUNA National Credit Union Roundtable for Board Leadership in Las Vegas.
Citing the 2017-2018 CUNA Environmental Scan, Rendel advises board members to address:
1. The battle for top-of-card status. The use of debit and credit cards is growing exponentially, he says.
In response, board members should examine:
2. Digital business transformation. Consumers from all generations are comfortable with mobile devices, Rendel says.
This has led to the rise of the “omni-digital consumer,” he adds, replacing the “omni-channel” consumer.
“This is more about the member experience than anything else,” Rendel says.
In response, board members should address:
3. The need to adopt a growth mindset.
Overall, credit unions have experienced strong membership and loan growth, Rendel says.
Boards should examine:
Bill Merrick is deputy editor of Credit Union Magazine. Follow him on Twitter via @CUMagazine.