According to the Credit Union National Association's (CUNA) e-Scan, regulatory burden is the biggest concern of credit union CEOs, followed by the low interest-rate environment and the weak economic recovery.
According to the Credit Union National Association’s (CUNA) e-Scan, regulatory burden is the biggest concern of credit union CEOs, followed by the low interest-rate environment and the weak economic recovery. These concerns are driving CEOs’ top priorities:
Grow consumer loans (88 percent)
Get more value from existing technology and vendor relationships (69 percent)
Use technology for better member service and differentiation (58 percent)
Address regulatory requirements (57 percent)
One Source FCU President and CEO Bob Peterson, CCUE, CFSP, tells the Leaguer that ongoing regulatory burden is a significant concern at his credit union.
“Having come from a relatively entrepreneurial background, I look for ways in which to assertively grow the credit union,” says Peterson. “I believe that in the current business environment, we must identify and accept increased risk as a reality, making the best of opportunities as they arise. That is not always possible in today’s environment.”
CUNA’s e-Scan also finds that CEOs and executive teams are focused heavily on efficiency improvement, moving beyond “easy” cost cutting to tackle ingrained costs hidden in ineffective workflow and underutilized technology.
Thus, CEOs are reaching out to knowledge experts to help workflow condition, discover better ways to use current technology and discover what drives consumers to membership.