Once upon a time credit unions occupied a desk in the human resources office as a benefit to employees of that one employer. Soon they had their own office and eventually their own branch. Once they had their own branch, credit unions sought after offering financial services to other employers wanting to provide an additional benefit to employees.
Strategically, many credit unions recognized jumping at the opportunity to distance themselves from just one employer gave the credit union a broader membership base, a stronger asset size, and better ratios.
In the not to distant past, credit unions began taking on community charters and moving from SEG-based membership to geographic memberships. This year credit unions are taking off the gloves and "hostile" takeovers are sending shockwaves through the industry.
As the credit union movement has shifted through the years, so should the sophistication and focus on strategic initiatives. Strategic planning once was a revisit of last years document, an update of some goals that had been set, and a refreshing of a mission statement and core value review -- along with a nice dinner and maybe a round of golf.
Today, strategic planning needs to address intense issues such as:
The possibilities of fellow credit unions coming after your membership
Defending or initiating a credit union takeover
Effective marketing in an information overload society
What changes you need to aggressively prepare for in the next 5 to 7 years
As credit union management has evolved to a more sophisticated level, so shall the strategic planning in competitive credit unions.
-- Russell
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