17 Dec

If I was running a credit union: The insider/outsider perspective

first_img 56SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Kirk Drake Kirk Drake is founder and CEO of Ongoing Operations, LLC, a rapidly growing CUSO that provides complete business continuity and technology solutions. With its recent acquisition of Cloudworks, Ongoing Operations … Web: www.ongoingoperations.com Details Do you ever have members who apply for loans that aren’t right for them, or who make financial mistakes that you has a banker would easily avoid?  Or maybe you have a friend who repeats the same self-destructive behavior over and over again, and the problem is obvious to everyone else but them?  I can’t speak to you all directly, so I’m using this forum to reach as many of you as possible to address some of the issues credit unions face that you may not recognize in your own organizations.Let me make this clear…I love our credit union space, our unique position in the financial industry and all the benefits that we bring to our members. Over the past twenty years, I have worked at two credit unions and with several hundred. It shouldn’t surprise you that credit unions share many similar attributes, both good and bad. Those that are most prominent: Incredible desire to do what is right to protect and benefit their members Struggle to align board members and management on mission and purposeOver stretched resources trying to do too many things. (If you have more than 3 or 4 strategic initiatives – this is probably you!)Belief that they have addressed their cultureOverreliance on generalists for specialty skills As a CUSO president, I spend my life in this weird insider/outsider role. I am not a vendor, but I am also not part of the credit union. I love this role, and I find my best insights and ideas come from being able to straddle the fence and see common patterns that are, understandably, hard to see from the inside. I do believe this unique perspective has provided me clarity to prioritize for success. Simply stated, if were running a credit union, my top four points of focus would be:Digital BrandingCyber SecurityCreating a Corporate Culture “What about growing membership and assets??” It’s true. That is the ultimate goal. –And I strongly believe a credit union will achieve superior (almost effortless) growth as a result of focus on the above priorities!For starters, all credit unions need to understand and embrace the following key data points:             Credit union members are cheating on them with fintechs. It is slowly eroding margins, and they have NO idea it is going on. For example, one credit union we looked at had more PayPal transactions in their checking accounts than the top 5 big banks COMBINED!40% of members close their new accounts in the first 100 days. What is going on there and how can we fix it?Credit unions are failing miserably at creating digital communities and engagement with their members –And this isn’t about online & mobile banking. It’s about digital branding, building an online community and the user experience so that your members rely on you, even crave you. Most credit unions cannot articulate the basic member experience for an upsold loan Let’s talk Cyber Security. Typically, 85-90% of a credit union IT department’s time is being spent on compliance, while at the same time, most credit unions are actually woefully behind in their cyber security efforts. Imagine if you went to an ER with cancer, Alzheimer’s and a gunshot wound, (sorry, crude, I know).  While triage is important – you have some bigger issues that will probably require the ER to bring in some specialists. To compare, over the past two decades, our industry has done the bare minimum each year to improve our cyber posture without realizing that our architectures, resources, and strategies are simply not keeping up. At the same time – the game is constantly being redefined with more and more bad actors doing everything in their power to race ahead. They are already infinitely more capable and well-funded, and they are growing increasingly malicious.  Additionally, and perhaps most importantly, our credit union corporate cultures very often reinforce maintaining the status quo and an air of complacency, or even worse, not acknowledging the very real challenges we face. Somehow we need to keep all the good member facing “Mom and Pop” characteristics of our credit unions –Being a warm, helpful, friendly, and neighborly, while taking our internal professionalism and competence to new levels. If I were a credit union CEO, and I saw some of the smoke that is related to fintech and cyber, I would be extremely concerned about the future viability of my credit union. I would endeavor to bring in the right resources to identify our areas of risk, while aligning our values and vision with a clear mission and purpose that prevails throughout our workforce, so every piece of the organization is unified and ready to effectively wage the battle that that is already underway.  Despite what many believe, corporate culture isn’t something that you can easily change. It is a sum of our people, our teams, and the way we collectively govern. If our culture is producing the same result over and over, we have to work backward to get to the root of the cause and make purposeful adjustments in the right places to alter the outcome. The reality is that culture can eat strategy for lunch all day long – for better or worse. If you have a team that executes well, trusts each other, knows their roles, and has common goals – it means all of the little things work in harmony without friction.So, if you are reading this thinking you have everything covered – I urge you take a closer look.  Don’t just ask your team to borrow a phrase and go about your day. It is easy to put lipstick on this pig, and it is much harder to dig deep and look outside of our industry, our own company.  When you do, you might notice that the rest of the world is breathing down our backs and there is lots of smoke that indicate big changes are coming that require our cultures to be more agile, faster paced, more aligned and more realistic about leveraging data.  last_img read more

20 Sep

Nike Pulls Betsy Ross Flag Shoe After Anthem-Kneeler Kaepernick Complains

first_imgNike is pulling shoes with an early American flag design after former NFL player Colin Kaepernick complained.The Wall Street Journal reports the former 49ers quarterback told Nike he and others consider the Betsy Ross flag offensive because it was flown at a time when slavery was common in a number of states. Nike cancels “Betsy Ross Flag” sneaker after Kaepernick speaks out: report https://t.co/P23qZDElMS pic.twitter.com/UXtzimnr4M— The Hill (@thehill) July 2, 2019 The flag with 13 stars in a circle on a blue field, and 13 red and white stripes, was flown during the Revolutionary War and early days of the U.S.Nike had planned to release the shoes in celebration of the Fourth of July.last_img read more

27 Aug

Asempa FM and StarTimes to serve football fans with Bundesliga radio commentary

first_imgGhana’s ultimate sports station, Asempa 94.7 FM, in collaboration with StarTimes, will, starting this weekend run live radio commentary of the German top-flight, Bundesliga games.The live radio commentary will cover the remaining fixtures of the 2019/20 Bundesliga season.The Bundesliga is the first of Europe’s major leagues to resume after play was suspended due to the novel coronavirus pandemic.The league is set to kick-off this weekend with full fixtures involving big clubs such as Bayern Munich, Borussia Dortmund, FC Schalke 04 and Eintracht Frankfurt among others.last_img read more

13 Aug

Survey seeks information on coronavirus impact on 70 rural communities

first_imgAMES — Thousands of Iowans in 70 rural communities will be contacted by mail soon as part of a survey about how COVID-19 has affected their lives.The survey will be conducted by researchers at Iowa State University and the University of Iowa. David Peters, an ISU sociology professor, says there’s been much focus on the big metro areas, but very little discussion about Iowa’s plentiful rural communities.“Beyond the packing towns, what’s been the impact in small-town America?” Peters asks. “How has isolation, job losses and the economic impacts of the pandemic, coupled with a long-term decline in the farm economy the last three, four, five years, how is that really impacting rural America?”The surveys should be mailed out within the next few weeks and Peters anticipates the data will be coming back in by early September. “Our survey is meant to really quantify the impact in small towns,” Peters says, “and then communicate the needs, the challenges facing small towns, communicate that to state and national policymakers, so when they develop new programs, that they’re targeted better towards rural communities.” Peters says the National Science Foundation donated $200,000 to both schools to conduct the survey of 12,000 people.“What’s really been the job losses, what’s been the emotional impact, and with school starting up, challenges with health care and other things that might be closed down,” Peters says. “We’re also interested in how people social distance — or not — in the communities, but really just to try and get a handle on what they see as the biggest challenges facing them from the pandemic.”The communities selected for the survey are: Afton, Albia, Anita, Atkins, Audubon, Bancroft, Bedford, Bloomfield, Buffalo Center, Calmar, Center Point, Chariton, Cherokee, Clarence, Clarinda, Colo, Columbus Junction, Corning, Correctionville, Denison, Donnellson, Eagle Grove, Elma, Epworth, Estherville, Fruitland, Garnavillo, George, Gilbertville, Glidden, Gowrie, Graettinger, Hamburg, Hartford, Hartley, Hills, Hospers, Humboldt, Jefferson, Lake Park, Lamoni, Le Claire, Le Mars, Madrid, Mapleton, Mediapolis, Missouri Valley, Monroe, Montezuma, Mount Ayr, Murray, Nashua, Nora Springs, Northwood, Oakland, Pleasantville, Pocahontas, Sac City, Sheffield, Sibley, St. Ansgar, Traer, Ventura, Villisca, Waukon, Waverly, Webster City, Williamsburg, Winfield and Woodward.last_img read more

18 Jan

Clock ticks as Guiao prepares PH team for Fiba qualifiers

first_imgGuiao said preparing the team for the Fiba qualifiers is another hurdle for him as he’s left with less than two weeks to get things together before their game against the Iran national team on September 13 in Tehran.“This is another hectic schedule and the same problem all over for me because half of the team was replaced and we’ll have one week to train for a very strong team,” said Guiao Saturday at Smart Araneta Coliseum.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSTim Cone still willing to coach Gilas but admits decision won’t be ‘simple yes or no’Iran is ranked No. 25 in the world while the Philippines is the 30th-best.What Guiao is most concerned about, though, is building team chemistry with players he has yet to coach. Lakers waive Deng, save money for 2019 NBA free agency DepEd’s Taal challenge: 30K students displaced Peza offers relief to ecozone firms Judy Ann’s 1st project for 2020 is giving her a ‘stomachache’ ‘High crimes and misdemeanors’: Trump impeachment trial begins LATEST STORIES Don’t miss out on the latest news and information. Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Guiao’s holdovers from his Asian Games squad are Beau Belga, Raymond Almazan, Gabe Norwood, Stanley Pringle, Poy Erram, Christian Standhardinger, Asi Taulava, and Paul Lee.Filling up the 14-man pool are San Miguel’s Alex Cabagnot and Marcio Lassiter, Ginebra’s Scottie Thompson, Magnolia’s Ian Sangalang, and Blackwater’s Allein Maliksi.Phoenix’s Matthew Wright has also been invited since his one-game suspension will be lifted after the game against Iran.“This is an issue of preparation and issue of familiarity because this is not the team that we brought to the Asian Games plus this is not the core of Rain or Shine,” said Guiao.Removed from the Asian Games team are Chris Tiu, Maverick Ahanmisi, James Yap, and Jordan Clarkson.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Palace OKs total deployment ban on Kuwait OFWs Gov’t in no rush to rescue animals in Taal Photo by Tristan Tamayo/INQUIRER.netRest is for the weak, and national team head coach Yeng Guiao has no time for it.Just days after leading the Philippines to fifth place in the men’s basketball competition in the 2018 Asian Games, Guiao will be back to work to prepare Gilas Pilipinas for the upcoming fourth window of the Fiba World Cup Asian Qualifiers.ADVERTISEMENT MOST READ Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college View comments Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anewlast_img read more