With the 2016 MCUL Annual Conference all wrapped up in the Motor City, we reflect on all the amazing speakers, workshops, and events offered. Some key highlights we took away this year were the in-depth perspectives into many of the challenges facing credit unions.
The challenges facing credit unions are real – there should be no doubt about that. Most commonly affecting credit unions at the senior level are the increasingly burdensome regulatory environment, and how to effectively deal with new rules. Challenges associated with membership growth and suggestions pertaining to changing the focus from net-new-members to enhancing relationships with current members were explored, as well as barriers associated with lending, and tips on how to increase loans through modifying philosophy and policies to allow for more non-traditional types of credit offerings.
Lending is becoming a commoditized business. How can credit unions stay on top of members’ minds for a loan, while still earning yield? What keeps members coming back time and again? If members can get loans anywhere, why would they come to your credit union?
Many credit unions need to attract and serve a younger membership demographic. Unfortunately, many of these same credit unions believe that providing some electronic delivery methods and having a Facebook page will accomplish this. To truly succeed in serving this growing consumer base, product development, pricing, communications, education, and service delivery must be evaluated and improved.
At the same time, fraud and embezzlement can happen to any financial institution at any time, but what can be done to prevent it or identify it quickly if it does occur? Credit union leaders have a fiduciary responsibility to protect members and their credit unions from these serious situations. Limiting opportunities for prying outside eyes to see the customer data is one suggested safeguard. If you are using Oak Tree Business Systems forms, you will know that we never see data, therefore eliminating that possible vulnerability in the data pipeline. Complete control of customer data can help ensure your customers’ data will stay away from prying outside eyes.
Looking back, in the last few years we have seen a number of regulatory changes in the real estate industry. Many lenders are still struggling to implement new mortgage disclosures and will soon face new Home Mortgage Disclosure Act requirements. Thankfully, Oak Tree Business Systems is fully up to speed on all current regulations and requirements with a full suite of products, including complete form and disclosure packages that offer headache-free compliance and peace of mind.