The year 2009 is almost at a close. What a year it’s been!
As credit union executives, we should spend some time reflecting on 2009. Here are five questions to your credit union should ask about 2009.
(1) Are your doors still open?
Unfortunately, many credit unions took such great losses that they are no longer with us. While your credit union probably experienced significant financial challenges in 2009, you should keep this year in perspective. With the current economy, we are playing a game of Survivor. So if your credit union is still serving its members, then you’ve had a successful year.
(2) Did you move the technology ball forward?
Significant advancements continue in the technology area. Because 2009 was tough financially some of your technology initiatives were perhaps put on hold. You can’t do that much longer. Hopefully you were able to offer your members some new technology treats, such as mobile banking, text alerts, live chat support, etc.
(3) Did you leverage your members’ trust?
The banking crises left many consumers bitter and angry towards their banks (which they weren’t that pleased to begin with). This presented a great opportunity for credit unions to tell our story of safety and soundness. Did you spend time this year letting your members know that your credit union was not part of the financial problem, but that you are a part of the financial solution? This was a great year to steal (so to speak) some of your members’ money they had elsewhere.
(4) How are you communicating with your members?
Social media is certainly one of 2009’s biggest stories. Twitter and Facebook adoption continues its upward trend. And now credit unions are jumping on the social media bandwagon. Keep in mind social media is really just a tool to enhance your communication efforts with your members. Hopefully in 2009 you developed some of these new avenues to better reach your members.
(5) Did you react or overreact?
Let’s be real: 2009 was challenging on many fronts. No one could have predicted U.S. Central’s collapse and the ensuing domino effect that took place. But how did your executive team react to the financial crises? This is perhaps the most difficult question to ask. If you reacted, you probably took quick action to make loans during Cash for Clunkers and also took advantage of the banks’ negative press. However, if you overreacted you might have gone into a shell and pulled everything back (stopped marketing, cut training, etc.). Hopefully you put yourself in a better strategic position with how you handled 2009.
What other questions do you think credit union executives should ask ourselves about 2009? How would you answer the above questions?
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