Just as the U.S. seemed on course toward some version of normal, Russia’s invasion of Ukraine threw new uncertainties into the mix, as well as heartbreaking human suffering.
Against this backdrop, the financial services industry faces challenges ranging from cybersecurity threats to pandemic-related legal hurdles.
Created with substantial input from members of the CUNA Councils, this annual strategic planning guide outlines competitive issues credit unions will contend with in the months and years ahead.
Some top trends to consider:
Cryptocurrency. The strategic questions facing credit unions involve both when and how—or if—to participate in the cryptocurrency space. Even credit unions electing not to engage should be ready to educate members and prepare contingency plans for rapid response should crypto and related decentralized finance (DeFi) endeavors siphon off deposits and loan originations.
Actionable data. Data on its own has little value. Data maturity comes from translating data into insights into action in the form of quick wins for the credit union, members, and employees.
Pandemic-related compliance issues. After more than two years of living in a pandemic, employers and employees are navigating new terrain where it appears COVID-19 may be with us for some time. Credit union leaders must continue to navigate a fraught and uncertain employment law landscape.
Advocacy. The CUNA-League advocacy team will focus on preserving credit unions’ role as financial intermediaries, ensuring financial well-being for all, expanding underserved consumers’ access to affordable financial services, and fighting unnecessary regulations.
Credit Union Magazine’s Fall 2023 issue examines how artificial intelligence is shaping marketing, strategies to improve cyber hygiene and overall cybersecurity, the need to employ risk management to address inflation and its impacts, new approaches to board recruiting, and NCUA’s top supervisory priorities.
