The job of your credit union’s strategic planning team is never easy.
Projecting future trends and goals in the financial services industry is certainly not for the meek. It requires a mix of accurate data, intuition, market knowledge, and tolerance for a reasonable amount of risk.
Last year was brutal. Credit union loan portfolios shrank for the first time in 30 years. Earnings dipped below 40 basis points. Delinquencies and charge-offs climbed. The list of woes was painfully long, and it hasn’t gone away.
Your credit union, however, should see a gradual recovery during the next 18 months, according to CUNA’s 2011-2012 Credit Union Environmental Scan (E-Scan), which goes on sale this month at escan.cuna.org/planning.
That’s not to say we’re completely out of the woods. But the team of experts assembled to create the new E-Scan agrees a moderate recovery is underway, and they explain exactly what they think the recovery will look like.
The E-Scan isn’t the only research report CUNA produces to help credit unions set goals and anticipate trends. Other reports to be released this summer include the 2011-2012 Survey of Potential Members and the 2011-2012 National Member Survey. The information in these reports will give your team essential insights into the financial preferences of thousands of members and nonmembers.
And later this summer, CUNA will release a series of salary surveys to help you budget for CEO, management, and staff salaries for the coming year.
It has been a busy spring for CUNA’s research staff as they survey thousands of credit unions, members, and nonmembers, and produce the most reliable, insightful reports in the industry.
The ultimate goal of all that work is to give your board and management team the insight and information they need to anticipate future trends and set realistic goals for this gradual recovery.
Coming soon to Credit Union Magazine: