Can Credit Unions manage for “profit” and still be not-for-profit? Absolutely! And those CUs that don’t work to generate “profit” can’t serve their underserved members, argues Scott McClymonds. Discover how to serve two masters and fulfill your mission as a CU and still be a profitable institution you can be proud to serve. The key is to start by analyzing your membership – NOT your products – using the power of data analytics. In this straight-forward, roll-up-your-sleeves session, you will discover how to:
• Identify the 4 types of members so you can isolate the most profitable from the least profitable and manage them more effectively.
• Uncover the hidden risks within your membership. WARNING: Those who may appear to be the most profitable just might be your riskiest members that can cost you dearly.
• Analyze your members’ buying behavior so you can position your products to those members who need them, when they need them!
These are a few of the secrets that have helped CUs increase membership 20%, boost profitability 500 bps and rocket mortgage originations 10%. Plus, find out how one institution used a simple analytics trick to open a WHOPPING 40,000 new accounts.
Scott McClymonds is an expert at helping financial institutions use analytics to increase profitability, strengthen member relationships, and build stronger brands. A veteran leader in the financial services analytics world, Scott uses managerial analytics to help credit union leaders get exceptional results. Scott has published extensively for CU Business Magazine and CU Management (https://www.ceovelocity.com/resources/media/), and his articles show credit union leaders how to blend analytics with their leadership strategies.