Four industry trends to shape your strategic priorities

on "July 22, 2020 10:20 am"

Having an in-depth understanding of the factors influencing the credit union industry can make these tough decisions a little bit easier.

by Dayna Johnson Schmitt, CUNA

CUNA E scanDue to the rapidly evolving landscape, researching and analyzing various sources to compile reliable data and extract insights steals valuable strategic planning time. With so many competing priorities, it can be extremely challenging to identify where you should focus your efforts. Having an in-depth understanding of the factors influencing the credit union industry can make these tough decisions a little bit easier. Here’s a look at some trends you’ll want to understand.

Invest in the employee experience

A great example of a critical trend is investing in the employee experience. At first glance, it may seem like less of a priority than some of the other items you need to tackle, but when you understand the connection the employee experience has to the member experience you may think twice about its role in your future plans.

Collaboration is key to cybersecurity readiness

You probably already know how critical cybersecurity readiness is, but the COVID-19 pandemic has exacerbated this concern even further. Credit unions creating a culture of sharing cybersecurity information can bolster preparedness and guard against threats old and new.

The expanding gig economy

The gig economy generally refers to self-employed, freelance, or independent workers paid by the task.  The pandemic has increased the challenges these workers face, such as declining income and lack of access to health insurance. Credit unions are well-positioned to improve these workers’ financial well-being and can do more through innovation and technology partnerships.

Build an inclusive culture

Advancing diversity, equity, and inclusion (DEI) is more important than ever but requires a careful approach unique to each institution. Understanding how DEI supports your mission, attracting diverse talent, and identifying internal inclusion champions will all be key factors to consider along your path to inclusion.

Learn more at cuna.org/escan.