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Survey: Impact of Artificial Intelligence

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Artificial Intelligence (AI) is gaining momentum with consumers and is beginning to touch many business sectors.  How long do you believe it will be before AI will impact your business model and strategy?

Please take a moment and respond to our two-question survey.  All responses are anonymous.

What is the impact of artificial intelligence (AI) on a credit union's business model and strategy?

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Survey: “Don’t Tax My Credit Union”

Tuesday was “Don’t Tax My Credit Union Day.”  We know that credit unions do a lot to benefit their members and surrounding communities.  What has your credit union done to quantify this benefit and show the positive impact to the community?  Click
here to take our survey.

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One Of Many Ways For Management To Add Value To The Strategic Planning Process

Front-line staff members are the first line of defense with an unsatisfied member, and are also the first line of offense with respect to communicating the credit union’s marketing messages. Routinely, credit unions identify themselves as “member-focused” or “service-oriented”—both of these identifiers lean very heavily on member experience, which is in turn influenced by the experience those members have with your front-line staff.

As the second calendar quarter is closing, and credit unions are beginning to formulate plans for next year’s strategies and goals, gathering input from the front-line staff can enhance the process.
Consider brief, but direct, surveys of those employees who deal with member concerns every day.  Some valuable questions include:
  • What is the top member complaint that you receive?
  • How does this complaint typically get resolved?
  • If it were up to only you, how would you solve it?
  • What three things take up the majority of your time during the day?
  • Of those three things, which do you think provides the most value to the membership, and why?
However these surveys are conducted, ensure that controls are in place that promote candid feedback.  Set a participation goal for your staff, such as 95% response, and tie the goal to a credit union sponsored pizza lunch some Friday during the summer.
Most importantly, take steps to ensure that the participating staff realize that their responses were heard by management, and did not disappear into some “survey vortex” where there is no perceived value from their time filling out the surveys.  It is amazing what information a couple slices of pizza and a receptive management team can elicit from front-line staff, and their input could be invaluable in spurring discussion on plans for the future.
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A/LM Exam Focus

With the regulatory landscape evolving so rapidly, we’re interested in hearing what the top 3 focal points of your most recent A/LM exams have been.

Click here to take a brief, 1-question survey addressing this question:

Thanks in advance for your time!

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Financial Literacy For Volunteers

Regulations from NCUA released last month are now putting more emphasis on a board of directors armed with enhanced understanding of finance and accounting concepts:

Part 701.4 (3)
Each Federal credit union director has the duty to… At the time of election or appointment, or within a reasonable time thereafter, not to exceed six months, have at least a working familiarity with basic finance and accounting practices, including the ability to read and understand the Federal credit union’s balance sheet and income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors….

In late December, NCUA established the following timeline:

Directors elected or appointed on or before January 27, 2011, including those directors serving prior to NCUA finalization of the rule, must be in compliance with the financial literacy requirements by July 27, 2011. Directors elected or appointed after January 27, 2011 must satisfy the financial literacy requirements within six months following seating.

While concerns have been raised regarding the vague requirements, NCUA has remained firm that education should be commensurate with the complexity of a credit union’s structure.

As you contemplate how best to meet the new requirements, we’re interested in understanding how credit unions view their current board level of education and plans in providing additional education.  Please take a moment to complete the following brief, 3-question survey.  Thanks in advance for your participation!

Click Here To Take The Survey