That's right! Year-end data shows a significnt rise in the number of credit unions qualifying for "high performance" status, even in the face of those special assessments levied by the NCUA to cover the "corporate" debacle. Question is— is your credit union one of them? (click to see the list)
But it's still tough to be a credit union these days. Ferocious competition. Ever-narrowing margins. Climbing costs. Near-zero growth. (click to see Industry Overview)
In the face of all this we see three critical strategic intentions that credit unions must— yes, must— commit to:
1. Re-establish market relevance…as HELPING places!
Credit unions are HELPING places…banks are SELLING places! This vital distinction must come across— loud and clear! (Here's More)
2. Strive For “HP” Performance!
Credit unions with more accounts-per-member generally show much higher ROAs. (See The "HP" Advantage.) Is your credit union on the “HP” list? It should be!
3. Go Virtual!
The Internet IS the future for retail banking! And it will enable you to do more for members at much lower cost… while emphasizing your critical market distinction—as a helping place.
If you're tracking the market, you know how fast things are changing. And it’s not about to stop! But in all of this, there are many great opportunities for credit unions.