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CUNA Research Reports

CU Snapshot

 Apr '17Mar '17
# of CUs 5,926 5,953
Members
(millions)
111.2110.7
Total Assets
($ billions)
$1,381.2$1,374.7
Total Savings
($ billions)
$1,161.4$1,163.6
Net Cap.
Assets
10.4%10.4%
Loans to Savings79.3%78.2%
Loan Delinq.0.8%0.7%

         Credit Union Indicators

Optimize Your CU

Use responsiveness to gain competitive advantage.

Matt Davis, founder of gameFI, which offers gamification solutions, says credit union leaders can lead the way to a smarter, more responsive brand of financial services with three recommendations:

1. Be measurably (and meaningfully) "-st." Are you the fastest, the easiest, or the smartest at what you do? Figure out your competitive advantage in the marketplace.

You need a measurable differentiator, says Davis, who spoke at the CUNA Marketing & Business Development Council Conference. "If you don't have it, you better start to create it."

2. Optimize feedback loops. "People expect real-time feedback about everything they do," Davis says. Collect, track, and use data and information from your members and employees.

If you do so effectively, you can change behaviors for the better. The key is closing the loop so the feedback measurably improves your products and services.

3. Have fun. "If you are not having fun, your members are not going to be having fun either," he says.

Humans are wired to play games. Credit unions can use the same feelings of connection and achievement that games engender in their users to improve the performance and engagement of employees and encourage members to reach their financial goals.

Visit news.cuna.org for more conference coverage.

(Via news.cuna.org)