Small cu advantage ny chap 2015
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Small organizations have advantages over large institutions including being more innovative, adapting new technologies faster, providing excellent personalized service, and having lower fixed operating costs. This allows them to focus on specific customer types and pursue business opportunities overlooked by larger organizations. The document recommends that credit unions shed unprofitable products, increase profitable lending through financial education, and implement friendly technology. It provides examples of various credit unions and their characteristics.
Small cu advantage ny chap 2015
- 1. 息2005 EverythingCU.com and Denise THE ADVANTAGES OF BEING SMALL Morriss Partee
- 3. 揃 Slow to adapt 揃 Uses old technologies 揃 Impersonal/poor service 揃 Out of touch with customers 揃 High operating costs 揃 Unable to pursue smaller $ 揃 Customers of all varieties
- 4. C H A R A C T E R I S T I C S O F S M A L L O R G A N I Z A T I O N S
- 5. 揃 Innovative, fast 揃 Adapts new technologies 揃 Understands customers intimately 揃 Excellent, personal service 揃 Low fixed operating costs 揃 Able to get business others overlook 揃 Focused customer type
- 6. 3 ACTION ITEMS 揃 SHED UNPROFITABLE PRODUCTS TAKING UP TIME AND RESOURCES 揃 INCREASE HIGHLY PROFITABLE C, D & E LENDING THROUGH EDUCATION 揃 IMPLEMENT FRIENDLY TECHNOLOGY
- 7. ELIMINATE WHAT DOESNT WORK OR ISNT VALUABLE
- 10. TOTAL LOANS: $603,197,220 AVERAGE LOAN BALANCE: $88,529
- 11. NO. OF CHECKING ACCOUNTS: ZERO* *WHITEFISH FINALLY BROKE DOWN AND STARTED OFFERING A DEBIT CARD-ONLY CHECKING ACCOUNTS AS OF OCTOBER 2014.
- 12. LIST 3 THINGS YOUR CU IS BETTER OFF NOT DOING OR OFFERING (hint: your members wont care or notice if you stop offering it)
- 13. INCREASE C, D, E LENDING (MOST PROFITABLE) VIA FINANCIAL EDUCATION AND FOLLOW UP
- 14. HELEN GODFREY SMITH SHREVEPORT FCU $102M ASSETS 21,000 MEMBERS
- 16. Mt. Lehman Credit Union 1,668 Members $44m assets
- 20. 2 Coders on Staff
- 22. 3 ACTION ITEMS 揃 SHED UNPROFITABLE PRODUCTS TAKING UP TIME AND RESOURCES 揃 INCREASE HIGHLY PROFITABLE C, D & E LENDING THROUGH EDUCATION 揃 IMPLEMENT FRIENDLY TECHNOLOGY
- 24. Morriss Partee Chief Experience Officer EverythingCU.com morriss@everythingcu.com 413揃535揃0621 http://blog.everythingcu.com Friend me on EverythingCU, Facebook, Twitter, LinkedIn Todays slides will be on 際際滷share.net