MADISON, Wis. (7/24/12)--The Credit Union National Association (CUNA) has released its 2012-2013 Credit Union Environmental Scan (E-Scan).
Based on extensive research conducted by CUNA's National Research Group, E-Scan presents trends and projections critical for strategic and business planning.
Highlights from the 2012-2013 E-Scan include:
Compliance: The current regulatory environment demands that credit unions have a comprehensive compliance strategy, and invest resources to understand and implement regulatory changes.
Finance: Expected to play a more strategic role in the face of a changing operating environment, chief financial officers must accept greater accountability for their credit union's success.
Lending: As the economy improves, it's vital to focus on getting new members to transfer loan balances and sign up for new products and services.
Membership growth: Within eight years, the incomes of Gen Y members are expected to exceed those of baby boomers by $500 billion. Nearly 70% of young non-members are unaware of the credit union movement. Promoting credit union's not-for-profit model is a good strategy to reach out to this civic-minded generation.
"E-Scan is essential reading for credit union board members, top level executives and anyone invested in the future of their credit union," said Steve Rodgers, CUNA editorial director. "By keeping a close eye on the significant economic trends and being willing to adapt to unforeseen variables along the way, credit unions will not only be able to prepare for the future, they'll have the power and knowledge to shape it."
CUNA also offers a package of strategic planning resources to help credit unions plan year-round. Use the link.