Don’t Let Your Data Go to Waste: Maximizing Growth Opportunities in Credit Union Banking
- Branch Transformation
- Consulting
- Credit Union
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The Perishable Nature of Data in Credit Union Growth Strategy
Credit union growth strategy is like apples. When you go to the grocery store, and you see those ripe, crisp apples at their peak of freshness, you buy a bunch with every intention to consume them over the next day or so. You put them in a bowl, on the counter, but if they go unattended, they begin to stale, go past their peak freshness, eventually going rotten.
In the world of credit union banking, data and apples are one and the same. When delivered, they are fresh. If left alone, they begin to stale with each passing day. If you are a financial institution executive looking to grow and you are given fresh data, do you intend to do something with it, or will you just watch it rot?
When you hire a firm like LEVEL5 to assess your current and potential growth markets, we give you irrefutable data points and a 10-year pro forma back-tested at 96% accuracy. When looking to de-risk decisions, you have confidence in the black and white, binary numbers to help support your decisions.
But that data has a shelf life, and you need to strike while the iron is hot. Otherwise, you may miss out on real growth potential because as time ticks on, your data becomes stale, all the while, your competition will likely be making their moves.
Let’s say you receive the data and you don’t act on it for 6 months…that’s 6 months you could’ve been making progress, now lost. Can your institution really afford to be behind for so long?
3 Ways Current & Valid Data Assist Your Overall Growth strategy For your credit union
Change is the only constant, and how you fare rests on your ability to adapt accordingly. That goes for branch networks too, one of your major avenues for gaining and maintaining your desired membership.
Visualize your branch network as an ever-adapting entity, acclimating to the winds of change in market viability and member demographics.
You need to play this strategy correctly and decisively to win out. Accurate analysis for fruitful future steps can certainly be made in this state of flux. However, lingering on data longer and longer places your organization further and further behind in making highly effective moves for your network’s viability.
There are 3 pivotal ways to optimize your network, but acting on your current data analysis is highly time-sensitive in order to reap the rewards.
Opening New Branches in the Right Areas
With accurate market and demographic analysis aligned with your specific goals, you understand the logic and purpose behind opening up new branches in high-quality locations.
You don’t want to let solid direction pass you by here, as you’ll be missing out on prime locations that will be building up your member portfolio and holdings.
Worse yet, a savvy competitor may beat you to saturating a market before you can. Watch our video on Northeast Credit Union where we helped them grow into new places with informed market analysis.
Closing Under-performing Branches
Branches that are repeatedly in the negative need to be closed and waiting too long means they’ll keep pulling valuable resources from your organization, resources that could be reutilized elsewhere for growth.
Don’t worry, closing a branch is not the end of the world, in fact, it’s just par for the course. Similar to retail environments, it is part of the evolution of your institution. Their absence can be made up for in spades with your new locations that are primed for future performance.
Do you act soon and save resources based on your valid data? Or do you wait to see what happens while running a real risk of detriment to your institution?
Crafting Your New Branch Prototype
Your prototype works on so many levels to drive your institution into the future and holding back in its implementation sets you back even further. A world-class prototype design accounts for everything needed to make a success including, but not limited to:
- A floor plan to facilitate employee and member interaction
- A modern appearance that solidifies you as a leader in your market
- Branding consistent with your culture and values
- An easily repeatable and malleable design for effective, rapid deployment
When you meticulously create a new branch prototype, you’re laying the foundation for attracting new members and offering excellent quality experiences for years to come. This design is carefully crafted and tailored to meet the needs of your members’ unique demographics as well as to accommodate the future needs of your financial institution. Consider the following if you’re hesitant to put your prototype into action: Why go through all that upfront work creating the next generation of your institution, just to never use it? You’re truly doing yourself a disservice by waiting too long to act on quality data, plain and simple.
Data Crunch Time: Take a Bite of Growth Opportunities Before They Spoil
In the fast-paced world of credit union banking, data is a valuable asset that can drive growth and help you stay ahead of the competition. By acting on current and valid data, you can make strategic decisions about opening new branches, closing underperforming ones, and crafting innovative branch prototypes for the future. Don’t let success pass your organization by waiting too long to act on quality data.
Embrace actionable data and partner with experts who can guide you through the process of utilizing it for meaningful and lasting expansion.
Contact our team today to unlock your credit union’s or bank’s growth potential before time runs out. The clock is ticking, and your institution’s future success relies on your ability to adapt, make informed decisions, and leverage the power of fresh data.