As credit union executives plan for 2013, Credit Union Magazine and Diebold Inc. surveyed them about their priorities, challenges and strategies over the next 18 months.
1. Capitalize on growth
While nearly half of respondents (49% noted “growth” as their top priority for 2013, “cost and efficiency” ranked a close second, with two-thirds ranking it as their first or second priority. Growth is attainable, with 96% of credit unions predicting a stabilized (58%) or even growing (38%) economy in 2013.
2. Deliver on member demands
Respondents said meeting member demands will start with “mobile” in 2013, but other channel offerings will also be on the radar. Their key focus areas include:
• Remote check deposits• Web banking and online account opening
3. Don’t give up on branches
Despite the clamor for Internet banking services, credit union executives are still getting pleas for bricks-and-mortar locations. When asked what demands credit union members have, respondents noted:
• Online banking services (59%);
• More branches (29%); and• More ATMs (27%)
Additionally, nearly 47% of credit unions identified branch transformation/renovation as a priority for the next year, and one-third said they’re planning branch expansions.
4. Invest in channels wisely
When asked which non-branch channel offerings were most important, respondents ranked self-service technologies—including online and mobile—highest.
Nonbranch channel rankings include:
• 55% said Web services was a first or second priority (91% ranked it in their top three); and• ATM functions ranked a solid third.
5. Eyes ahead, feet planted firm
With plans to invest primarily in new technologies, credit unions have an exciting year ahead. Credit Union Magazine regularly reviews the context in which credit union executives will set strategy in the future. It also highlights examples of how credit unions can adjust to rapid technological, regulatory and competitive changes.
Source: “Leveraging Technology to Humanize Service,” a report from Diebold.