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c. myers live – Using Scale and Automation to Control Expenses and Grow Revenue

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Decision-makers in the financial industry have been battling this question:  “How can we effectively use scale and automation to control our expenses and grow revenue?”  In this c. myers live, we will discuss the importance and benefits of scale and automation in this ever-challenging environment.

About the Hosts:

Rob Johnson

Rob, one of five c. myers owners, has a reputation for deep, original thinking on asset/liability management and every conceivable modeling methodology, as well as analysis of investments, liquidity, aggregate risk, concentration risk, and other related topics. While Rob is a familiar face to the managements and boards of many of the largest credit unions, he has helped credit unions of all sizes tackle some of their toughest challenges, such as rebuilding capital and navigating safely and soundly with the smallest of margins. He has become quite familiar to many leaders in the regulatory world, both as an educator and a thought leader.

Learn more about Rob

Dan Myers

Dan MyersSince joining c. myers, Dan has worked with scores of credit unions helping them to develop quick and efficient processes, as well as organize and manage portfolios of projects to maintain relevancy, keep costs down, and create more rewarding member and employee experiences. Credit unions that have benefited from Dan’s expertise have ranged from $90 million to over $5 billion in assets.

Learn more about Dan

Other ways to listen to c. myers live:

listen on google podcasts listen on spotify listen on apple podcasts

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Actionable Feedback is Critical in Developing Leaders

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3 minute read – High-performing organizations need high-performing people, and people need feedback to fully develop into high performers.

In our work with financial institutions, we have found that leaders are often unaware of how they are coming across to people and the impact they have on their team.  Even if they are aware of a disconnect between their intentions and people’s reactions, they may be hard-pressed to tell you why.  Addressing these disconnects is crucial for building better leaders, but this can only happen when they are made aware of the things they don’t see, and this requires honest and actionable feedback. 

People consistently tell us that they would rather receive feedback than give it.  Many are not only open to feedback, but they’re starved for it.  Organizations need more people giving feedback in a productive way, but this is an area that can cause great discomfort and actually goes against the culture in some cases.   

Many people have an almost instinctive fear of conflict and are extremely uncomfortable treading where an observation might be viewed as a personal attack.  While it’s true that feedback should be delivered carefully, giving too little feedback deprives the organization of better leaders and greater bench strength. 

As an example, a CIO might be surprised to learn that other leaders feel like the CIO uses a lot of jargon to confuse and stop people from asking questions.  A CFO might be shocked to hear that several board members mentally check out every time the CFO talks because they can’t follow all the ratios that fast.  Neither leader may intend these perceptions and outcomes – they may both be superb strategic thinkers who are experts in their areas.   

With some intentional skill-building and practice in concise, pertinent, and compelling storytelling, they might become great communicators, but they cannot address the issues until they are made aware.   

No one can improve their performance if they are unaware of their weaknesses.  Organizations that strive to be high-performing often prioritize skills development.  One skill that deserves some focus is giving and receiving honest and actionable feedback.  But beyond the skill, practice may be even more important.   

Practice is what makes it possible to help both givers and receivers become more comfortable so the feedback can be used effectively.  As with so many organizational practices, it needs to be modeled from the top to set the tone and demonstrate the desired behaviors.  The bottom line is that high-performing organizations need high-performing people, and people need feedback to fully develop into high performers. 

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We Stand With Ukraine – A Letter From Our CEO

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This week, we want to honor the bravery of the citizens of Ukraine.  It is with great sadness and anger that we witness from afar their world being turned upside down in just a few days.  Different than the pandemic, this tragedy is a choice by people to inflict suffering and death on innocent people.

Our c. myers family has many ties to Ukraine and its people including spouses, parents, grandparents, friends, and teammates.  This deep connection started almost two decades ago when I had the privilege of living in Ukraine while serving in the Peace Corps, where I met my wife, Olya.  Ukraine is a special place, and Ukrainians are special people.  If you have never experienced sitting at a Ukrainian table for a meal, walking the streets of Kyiv, taking in the beauty of the land – I can assure you, it’s memorable.

To hear stories of these people literally fighting for their lives and freedom is, at the same time, heartbreaking and inspiring.  As uncertain as the future is, if there is one thing I’ve learned, it is to never underestimate the heart and determination of Ukrainians.

The people of Ukraine are uniting for their cause – to be free.  We at c. myers stand united and active in their cause.  We would encourage you to look for opportunities to support them – both with your voice and contributions.

Adam Johnson

CEO c. myers corporation

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Market Forces Have Raised the Stakes for ODP – Things to Consider

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4 minute read – Competitive pressure on Overdraft Protection (ODP) has become immense.  What started as an incoming tide in mid-2021, has turned into a tsunami of pressure at the start of 2022 as more financial institutions are creating market pressure by completely revamping their position with respect to these types of fees.

The growing stress on this revenue stream comes on top of more general earnings pressure many are anticipating they will feel this year.

Given this, leadership teams need to move more quickly than they hoped, while also being intentional in their positioning, decision-making, and communication on ODP and Non-Sufficient Funds (NSF).  Below are just a few questions to consider as your teams grapple with this.

  • What is the current purpose of your fees?  For example, are your fees intended to provide a valuable service, change behavior, or a blend of both?  Could you defend your fees if someone from the press called your CEO and started asking tough questions or if you got unfairly hammered on social media?  This kind of pressure is already being seen on ODP in particular.  Keep in mind that the consumer may not really understand the nuances of some of these new programs being announced, so perception matters.
  • What if you built these programs from scratch?  Ask your team to envision how you could structure your programs if you built them from scratch.  Try not to judge why they are using them and note any biases and assumptions being brought into the conversation.  Dig deep into your data to gain a better understanding of the “whys” and “hows” of your customers’ usage.  Many teams are surprised by what they are learning as they delve into their data.  But don’t stop there.  Ask your team to imagine why and how this usage could change as they look to the future.
  • What is the value proposition?  The hyper-focus on ODP and NSF is now a high-stakes game, making it critical to clearly articulate your programs value proposition.  Whether you keep your programs the same or redesign them, it can be valuable to create a mock press release about it.  This process can help the team reach consensus on the true value proposition.  If you and your team are not excited about the value proposition, continue to push because the market forces and related PR don’t appear to be going away anytime soon.
  • What do we need to do now to make up for lost revenue?  If you ultimately decide to redesign your programs and it materially reduces revenue, ask your team to identify and prioritize options and timing for replacing the lost revenue.  Make sure to use your ALM model to run various scenarios under a range of economic outlooks.  Keep key stakeholders in the loop.  Timely communication of new positioning, programs, and potential financial outcomes is a huge key to success.

This issue, especially in conjunction with other pressures, may feel overwhelming at times.  Keep in mind that on the other side of problems are opportunities.  The point at which you address a problem is directly related to the number of viable options you have to solve it.

 

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c. myers live – 3 Ways CEOs Can Create More Time to Think

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With the growing complexity of the financial industry and the world around it, CEOs are looking for more time in their day to think strategically. In this c. myers live, we will discuss 3 ways CEOs can create more time to think and make decisions.

About the Hosts:

Sally Myers

sally myers headshotSally is a founder of c. myers corporation and one of five owners. Driven by a deep commitment to helping financial industry leaders and regulators for more than two decades, her guidance has shaped c. myers’ focus on helping clients create opportunities and approach problem solving from a scalable perspective. She has also been a strategic force behind the development of c. myers’ financial models.

Learn more about Sally

Dan Myers

Dan MyersSince joining c. myers, Dan has worked with scores of credit unions helping them to develop quick and efficient processes, as well as organize and manage portfolios of projects to maintain relevancy, keep costs down, and create more rewarding member and employee experiences. Credit unions that have benefited from Dan’s expertise have ranged from $90 million to over $5 billion in assets.

Learn more about Dan

Other ways to listen to c. myers live:

listen on google podcasts listen on spotify listen on apple podcasts