ATLANTIC CITY. N.J. (4/12/13)--"Competitive collaboration" is the next generation growth strategy for credit unions, Lisa Renner, co-founder and managing principal of the Renner Group, told participants at the Credit Union Reality Check conference Tuesday in Atlantic City.
Credit unions must identify their challenges and seek out other like-minded organizations, speaker Lisa Renner, co-founder and managing principal of the Renner Group, told participants at the New Jersey Credit Union League's Credit Union Reality Check conference Tuesday in Atlantic City. (Photo provided by News Jersey Credit Union League)
The conference, held Monday through Wednesday in Atlantic City, is designed take attendees out of their comfort zones--in pursuit of inspiration and insight (The Daily Exchange April 9).
Paul Gentile, Credit Union National Association executive vice president of strategic communications and engagement, served as master of ceremonies for the conference. "The great thing about Reality Check is that it is built on interaction among attendees and they are interacting about bold and critical issues facing credit unions," said Gentile.
Credit unions must identify their challenges and find others who share those issues, Renner said. Each organization must understand what assets it brings to the table, ask the right questions, and don't let the "buts" get in the way.
Building trust between partners takes time--it doesn't happen overnight, Renner said. It starts by finding like-minded partners.
The conference's first speaker, Max Wolff, chief economist and senior analyst of GreenCrest Capital, opened the conference with a presentation on the proliferation of mobile technology in the financial industry. The future market leaders will be nimble, mobile, partners in the cloud that use big data and innovate to succeed, Wolff said.
In another session, Tom Farin, president, Farin and Associates, gave a step-by-step process to apply pricing techniques. He suggested showed examples of pricing models as a way of evaluating the profitability of cash flows and adjusting risks and costs.
Al Brantley, a consumer compliance policy and outreach officer in the Office of Consumer Protection at the National Credit Union Association, provided a compliance overview. He discussed new rules, developments within the Consumer Financial Protection Bureau and reducing the regulatory burden on credit unions.
In his session, attorney Jonathan Bowman challenged participants to use the information shared during the conference to develop solutions to the challenges their organization are facing. Splitting the crowd up in groups, Bowman asked each group to come up with tangible takeaways from the conference. Among the suggestions groups came up with were growth strategies and ideas to increase productivity.
This is the fourth year of Credit Union Reality Check. Use the link to learn more.