By John Dearing, Managing Director, Capstone
The possibilities may be endless, but your resources are not. For many CUSOs with limited time and money, deciding which ideas to pursue can be a challenge. Here are three ways to prioritize your options for growth:
- Start with your vision
The best way to make sure you’re moving in the right direction is to take a step back from all of your ideas and begin by looking at your vision for your CUSO. Who do you want to be as an organization? When you have a clear picture of your goal in mind, it will be easier to visualize what steps you need to take in order to achieve it. Without a clear vision you could end up pursuing options that actually drag you in an opposite direction.
- Use tools to stay objective
While it’s natural to be somewhat subjective, after all growth is exciting, you don’t want to make decisions based on emotions alone.… Read more
It is such a strange feeling, as you prepare for a Hurricane, hoping it will not be as strong as predicted, praying for everyone in the path of the Hurricane, getting supplies to help you survive if you lose power or sustain damage … and all the while worrying about friends and family in the forecast path. It’s a little bit excitement, since it is so unusual, combined with anxiety about the impending disaster, while trying to calm and convince those you love that everything will be okay.
Last minute checks with our son and his family to be sure they were prepared, only to learn that the first 4 gas stations he went to were completely sold out of gas, and after an hour of searching and waiting in line he was finally able to fill up his vehicle at the 5th gas station the day before Hurricane Harvey made landfall in Texas, added to the feeling this might be bigger than we thought.… Read more
Donation Made In Addition to Business Continuity Relief Through Nationwide CO-OP Shared Branch And CO-OP ATM Networks, Available to Members of Participating Credit Unions
RANCHO CUCAMONGA,Calif. – CO-OP Financial Services is donating $10,000 to CUAid, organized to help credit unions and their members in Texas impacted by Tropical Storm Harvey. The donation augments the nationwide CO-OP Shared Branch and CO-OP ATM networks used extensively in credit union business continuity and recovery during times of disaster.
“Tropical Storm Harvey has dramatically reminded us that natural disasters can come upon us with amazing speed,” said Todd Clark, President/CEO, CO-OP Financial Services. “We have been proactively contacting clients in the impacted areas to assess needs and determine where we can help. The $10,000 donation on behalf of our client credit unions is one expression of that outreach, and available at all times to members of participating credit unions is our vast networks of branches and ATMs, ensuring access to accounts for those displaced by the flooding.”
CUAid is an online disaster relief system organized by the National Credit Union Foundation.… Read more
More Than 1,800 Different Credit Unions Unite to Form Seamless and Secure Cooperative for In-branch Personal Banking
RANCHO CUCAMONGA, Calif. – The CO-OP Shared Branch network has passed Chase in number of branch offices, making the credit union cooperative the second largest network of financial institution branches in the country.
CO-OP Shared Branch now totals 5,671 physical locations. No. 3 Chase has 5,567 branches as of July 18, according to FDIC figures. The credit union network added more than 400 branches during the past two years, when CO-OP Shared Branch surpassed Bank of America. The network is less than 500 locations away from No. 1 Wells Fargo, which has 6,150 branches.
“Shared branching is to credit union members what Uber is to passengers looking for a nearby ride,” said Todd Clark, President/CEO, CO-OP Financial Services. “It’s the best example there is of why credit unions are different than banks – they share!… Read more
I get it. You want to merge with a peer sized credit union. Together you will have more scale, twice the number of branches, twice the membership size, twice the assets…twice, twice, twice. Having all things twice should create the golden ticket of economies of scale. But after the merger you seem to have twice the payroll but not twice the benefits. What happened? The dirty little details get in the way.
… Read more
- If you don’t trim the payroll, you don’t save money. People are the highest cost of operations. Unless you have fewer employees after the merger, you are not going to save money. Are you willing to make those decisions?
- If you don’t trim the vendors, you don’t save money. The continuing credit union needs to quickly decide what vendor to use for each service. Having multiple vendors for a service within a credit union does not create efficiencies.
- Be ruthless in you vendor selection.