MADISON, Wis. — Like many credit unions and CUSOs, CUNA Mutual Group acknowledges it is facing increased competition, but innovation and collaboration are two strategies that can help all three entities thrive.
That was one of the messages at NACUSO's 2006 CEO Collaborative held Sept. 14-15 and hosted by CUNA Mutual at the Credit Union Center here. Approximately 70 CUSO and CU lenders attended the two-day forum to discover key challenges, opportunities, and solutions to grow membership and improve business results.
"The financial services landscape is changing, and that's having a significant impact on how credit unions and CUSOs plan and operate their businesses," said Don Davidson, CUNA Mutual vice president, Credit Union System Relations. "New competitors are aggressively pursuing your members to gain more market share, while simultaneously, members are expecting more from their financial institutions."
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Davidson also said reduced spread income and the need for tighter operational efficiency are forcing credit unions and CUSOs to sharpen bottom line results.
The environment CUSOs and credit unions are navigating is not unlike that facing CUNA Mutual, Davidson said.
"Our board of directors recognized the industry changes and that CUNA Mutual also had to change," Davidson said. "The board hired Jeff Post 18 months ago to lead that change. Our transformation process is in high gear, and we are creating a new and better CUNA Mutual."
Davidson outlined CUNA Mutual's three-year improvement plan and its four foundational initiatives surrounding back office transformation, distribution optimization, investment optimization and corporate governance.
Other sessions at NACUSO's collaborative included looking at the Canadian CU model, successful CUSO partnerships from the entrepreneur's perspective, and creating a flexible organizational structure to accommodate growth in a changing regulatory environment. –[email protected]
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