The following post is provided by the Filene Research Insitute, an American credit union and consumer finance think tank headquartered in Madison, Wisconsin, USA.
As we begin to move away from an emergency relief and crisis management response to COVID-19, credit unions are pivoting to focus on employee safety and security, maintaining services, and providing support to members to prepare for turbulence across the full footprint of their business.
Going forward, credit unions cannot be bystanders. This is the second part of a special report series that lays out some strategic considerations credit unions must take into account to continue to adapt to changing conditions and help shape the new world that is still coming to be.
- Continue to support members with their needs today
- Rediscover financial well-being at the heart of the credit union value proposition
- Innovate and evolve your service delivery
- Update your business models to better navigate a depressed, low-rate economic environment
Now is the time to re-focus on your people—your employees, members, community—and to invest in business resiliency. If you do, you have an opportunity to showcase your organization’s commitment, shore up your trustworthiness, and build deep and enduring relationships.
Filene continues to add resources to our Resource Hub to help credit unions support their people and their business during the COVID-19 crisis. We provide resources every week in line with what credit unions need most. Check out what’s there for you!