Corporate Bailout Drags Down CUs ~Credit Union Journal
Uncertainty Frustrates CU Financial Managers ~Credit Union Times
Financial Advisers Don’t See a Quick Rebound ~Boston Globe
Today, there is a great deal of uncertainty, not only in the credit union industry, but about the economy as a whole. Despite solid growth across many important metrics, the strategic consciousness of the industry is perpetually directed toward the short term, and in many cases rightly so. It is still unclear exactly how much has been lost in corporate investments; the regulatory environment governing the industry is constantly shifting; economists are predicting that unemployment will continue to rise throughout 2009, even into 2010.
What about after that? What about 2015? 2020? 2050? At what point does the strategy of this recession transition from a focus on surviving to thriving? The vast majority of credit unions have been able to maintain healthy capital levels and achieve robust balance sheet growth throughout the first quarter of 2009. Understandably, in times of uncertainty, it can be extremely difficult to justify making long-term investments over the next two years, especially those that might not fully pay off for another ten.
“Gen Y” has become just a buzz word for some, and a dubious, unaffordable investment for others. However, CYouth believes that reaching young adults is—or rather, should be—a critical component of a credit union’s long-term growth strategy. The newest episode (Episode 6 for those counting) from CYouth features Amy Eblacker presenting the top five reasons to reach Gen Y.
If your youth marketing program has been one of the casualties in the war on expenses, isn’t it time to re-examine how you can resume your investment in Gen Y? Or if you don’t have a youth program yet, it is never too late to start.
Questions open for general discussion: Is this recession about surviving the present or investing in the future? How far into the future should credit unions plan? The president of Kodak once commented on the companies 500 year plan. Should reaching Gen Y be considered an investment or a marketing expense?
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