February 24th, 2022
Hint: It involves wearing many hats.
The experiences credit unions $250M in assets and under are facing is the focus of our Q4 content this year. Over the next three months, we’ll be bringing you stories, surveys, statistics and more which illustrate the challenges and goals this large swath of credit unions have. We’ve asked credit unions who fall into this asset size range to answer a single question: What is your biggest challenge?
The 11 credit unions who shared their experiences span from coast to coast, and from rural to densely urban. Their answers reflect a changing and difficult landscape for all credit unions (and dare we say all financial institutions), touching on the role data, member experience, staffing and resources play in our industry.
“Finding quality earning assets at a good yield. This rate environment has both lessened loan demand and crushed yields at the same time.”
“Member data is key to any marketing department. Exporting usable data can be a challenge for smaller credit unions that do not have integrated systems or a dedicated person to assist with writing customized reports. The expense and time associated with using a third-party is often a roadblock that larger CUs may not experience in the same way. Having customized data will not sink a department, but it can give them a competitive edge.”
“The technology aspect and the resources. The technology is still being improved. And there is not as many resources available.”
“Developing an inclusive diversity culture that welcomes members from all backgrounds can be challenging, especially if you don’t understand your member’s financial needs to best serve them.”
“Some of the biggest challenges is doing more with less. With slimmer budgets due to a hit on earnings in 2020 – it’s finding ways to cut through all the noise and staying relevant in a very crowded space.”
“Wearing so many “hats” – we don’t have positions for each responsibility, we have 1 person doing several jobs.”
Affording some of the technology and access to data for marketing purposes.”
“Too many hats and not enough employees.”
“Resources to keep up with the technology that we should have to compete with other FI’s. Technology is expensive and constantly evolving.”
“The biggest challenge I face is wearing many different hats. It gets complicated when you are dabbling in different areas of the business. The upside is that it forces me to be innovative. I love working for a small credit union where I feel my voice is heard and can make a meaningful impact!”
“Staffing in an environment where everyone wants to work remotely.”