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Articles by JRF Consulting
How credit unions can navigate current macroeconomic trends
Publisher’s Note: CUInsight is hosting a free webinar Wednesday, April 3 titled, “Macroeconomic Trends Impacting Credit Unions”. We hope you’ll join us! Register here. We recently passed the four-year anniversary of the start of the COVID-19 pandemic, and though the pandemic is behind us, we continue to feel its aftershocks.
Five strategies for predictable core deposit growth
In today’s financial landscape, core deposits are the lifeblood of your credit union. Interest rates seem to have stabilized, but the combination of the rise of interest rates and inflationary pressures in the last few years has returned us to a place where the best way to grow your credit union is by growing core deposits.
Lessons from Sandro’s shop in Italy
As I reflect on my four years living part-time in Italy, there’s an experience that I continue to recall as I work with credit union teams; my interactions with Sandro, the owner of a small foodie specialty shop where I lived in Cisternino, in the heel of Italy’s boot. Sandro’s entrepreneurial spirit looms large, as is often the case in small shops across Europe. I would often find myself watching him while also thinking about my credit union world and how people choose to interact with members.
Hold out your hand: Lessons from Brandi Carlile
Many of us in the Pacific Northwest have known and loved Brandi Carlile for years. When she won big at the 2019 Grammys and stole the show with her stunning performance of The Joke more of the world took notice. As a longtime fan, I constantly replay my favorite Brandi songs. When my husband asks if we can listen to something else, I go to Brandi’s channel on Pandora and still get the eye roll.
How CEOs can help support business development
Dear CEOs, Business development can be effective without CEO involvement but your support can help in opening more doors. Business development is a team sport and you are the coaches who inspire by cultivating a supportive business development culture. Consider having a conversation with your business development individual or team to discuss ways you can best support their efforts.
Financial wellness begins with your employees
A couple weeks ago I was collaborating with a business development leader at a credit union about different ways to go about creating a financial wellness educational program that can be delivered live or through online workshops. They have been repeatedly asked by organizations and companies about their financial educational offerings. As we talked, a question surfaced about consistent messaging and culture.
Business development: Reflecting on relationships
Are your SEG and community contacts more likely to take your call, join you for a quick virtual meeting or ghost you? This past year has decidedly confirmed the belief that those with the strongest relationships with SEGs or within their community have more success in their outreach and communication. Drawing from the lessons of 2020, we have an opportunity to reflect on what we’ve learned about the quality of our relationships.
A missing link - CUInsight
On the surface, our business partners and SEG HR leaders understand the value a credit union partnership offers their employees and business, but there is a missing link – the impact report. While business development strives to be a valuable partner to our SEGS, we are often considered at best a second- or third-tier benefit. Given the effect financial stress has on employee engagement and productivity, we can level up by doing a better job of sharing our impact.
Business development needs branch managers
Dear Branch Managers: Business development is a team sport that needs your active participation to be on top of its game. Influencers in your branch market area, local organizations/associations, community and SEG leaders should all know you, or at the very least, recognize your name as a trusted partner. How? Why? When? I understand and your concerns are valid.
Lifestyle education creates business development opportunities
For the past two months I have been going on socially distant walks with my neighbor, Shannon Quimby. She is an international salvage DIY luminary, creator of photo styles for magazines like Better Homes and Gardens, and she’s been on local TV stations via Zoom doing all kinds of DIY segments. It’s been fun cultivating a new friendship with someone who exudes right brain creativity. One day she was telling me a story about her first childhood yard sale where she sold several of her DIY projects.
Business development from a distance
We business development professionals thrive on interacting, helping people face to face, being in our communities and at our SEGs. But now, during these unprecedented times, we are being challenged to rethink our approach to business as usual. Fortunately, we are problem solvers. As servant leaders within our communities, now, is when we, as credit unions, are needed most. It’s time for action. Here are a few ways we can change it up to continue delivering the service and solutions members need.
The power of the human spirit
During a recent visit to South Africa, I was struck by the legacy and influence of Nelson Mandela on the hearts of South Africans. Beyond his image appearing on buildings and in museums, locals keep his spirit alive in conversation.
Building value as a bridge to sustainable growth
One truth that I share with anyone who’ll listen is how reaping the rewards of building strong relationships develops and evolves over time. A great example of what’s possible, once the proper foundation and sales culture exists, is PAHO/WHO Federal Credit Union. Serving its primary SEG, having built well-earned trust over time, it would be easy to put their business development and sales goals on cruise control.
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