Missed opportunities and some in management who considered investment services a low priority essentially stalled Consumers Credit Union's efforts to build more relationships with its members.
The $325 million cooperative in Kalamazoo, Mich., actually experienced some strong numbers when its investment program launched several years ago through a partnership with a well-known industry vendor. Gross dealer concessions increased and plans were in place to move the figure even higher, said Scott Sylvester, chief financial and technology officer at CCU. However, the momentum failed to gain enough steam to keep going.
"Over a period of time, we weren't seeing results, and we just didn't have buy-in throughout the credit union," Sylvester recalled. The CU's incentive program wasn't enough to motivate offices to generate referrals. CCU refers to its branches as offices.
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