VIENNA, VA (June 10, 2020) — Credit unions’ best-laid strategic plans were no match for 2020, as CUs had to both quickly and simultaneously adjust to an array of new challenges presented by the coronavirus pandemic.
With no playbook to guide them through the uncertain territory, CU Rise Analytics reached out to credit union industry leaders for insights into the actions one can take in the future ahead. The “CU Crossroads: 5 Questions Series” sponsored by CU Rise covers key topics such as:
- Product strategy
- Marketing and digital
- People and workplace culture
- Investing in CUSOs
- Credit union leagues
- Operational efficiencies
- COVID-19 strategy adjustments
“As essentially every credit union is operating in new territory, we thought there would be broad benefits to offering a window into how they can plan to conduct business in future,” said CU Rise CEO Karan Bhalla. “While everyone is busy and stressed, it’s important and helpful to look to each other for insights and support.”
In the series’ first video release, Veridian Group President Nick Evens discusses changes in approach to investing in CUSOs. He notes that while investments in fintech may have slowed in the present moment, he expects that to change in the near future as credit unions work to more quickly to meet the rapidly increasing importance of digitization amidst the pandemic. CUSOs and fintechs will play a pivotal role in helping credit unions meet the steepened digital curve.
CU Rise plans to publish a new video weekly on its website. The videos can be found at the CU Rise blog, along with posts on other topical credit union subjects.
As an additional free resource to credit unions, CU Rise also recently released a new comparative analysis tool. CUCompare offers CUs an easy-to-use method to benchmark and track performance through a variety of defined and customizable metrics, and perform national, state, and asset-band comparisons.