Having more control over operating expenses and fee income may aid credit unions experiencing declines in return on assets and return on equity that are seeking long-term sustainability.
With 41% of members belonging to the baby boomer group, credit union leaders have to change their mindset about what this influential segment demands or risk losing them.
While many directors agree that attracting and retaining younger, more diverse directors with a broader base of backgrounds is a priority, recruitment remains a challenge.
Xtend Inc., a provider of back-office services to credit unions, said it has exceeded the $1 million mark in revenue for a fiscal year for the first time in its eight-year history.
Gen Y is going to be spending $2.45 trillion annually by 2015, and credit unions that want a piece of the pie will have to look at their lending product offerings to see whether they match young people's needs and expectations.
