Succeeding in a changing market

first_imgMarket on rates.  Rates and pricing is not what will set you apart.  Your WHY is what sets you apart. Remember that it isn’t about loans and checking accounts. Try to be all things to all people.  This means your credit union may serve a large field of membership, but there is a smaller group of consumers within that market that you are best-suited to serve. Look at marketing as an expense.  Done effectively, marketing has one of the greatest potentials for killer ROI of anything else your credit union can do from an execution standpoint. Look at members who have bad credit as undesirable.  A LOT of the population has less-than-stellar credit and it doesn’t mean they have necessarily been careless with their finances.  Job loss, medical bills, divorce, death of a spouse…so many circumstances lead to poor credit. Additionally, serving these “riskier” borrowers is a great way to solidify lifelong relationships for the credit union AND earn a higher margin.  Look at employees as something to be tolerated.  Your employees are the number one biggest asset your credit union has at its disposal.  They are the people who form relationships with new members and take care of your existing members.  If they are happy and empowered, that will translate to the member experience.Make a merger your succession plan.  Mergers have their time and place and are often necessary, but it shouldn’t happen without careful consideration of the impact to members and employees.  Make sure the credit union has done all it can to foster talent and growth within the credit union so a succession plan is evident years in advance.Operate with the mindset of “this is the way we’ve always done it.”  As Tony Robbins said, “If you do what you’ve always done, you’ll get what you’ve always gotten.”  If you want to get somewhere different, somewhere better, you have to do something different to get there.DO NOTHING!  Some credit unions are so scared to try something new and fail so they sit back and do nothing while their credit union literally shrinks before their eyes.Give up.  The work you are doing is helping credit unions stay the superheroes of the financial services market.I love you credit unions.  Keep doing the great work you are doing in your communities, with your employees and for your members.   If you are anything like me, you love lists like Top 10 and others because they are easily digestible and great for immediate takeaways.  During a recent conference keynote, I gave a session on helping small credit unions learn how to succeed in a changing market. But let’s face it…the market is changing and it is affecting ALL credit unions.  In the presentation, I listed several DO’s and DON’Ts in adapting to a changing market that I believe are relative to every credit union, regardless of size.  And I am sharing them here…starting with the Don’ts because, well… I like to focus on the positive so that is the second in this series. As you read this list of DON’Ts, remember that you, credit union executive, are reading this article because you want to learn how to grow your credit union and serve members.  You love this industry, and you want credit unions to succeed. I LOVE credit unions as well and, while you might like what I have to say on this list, I am here because I share your love of credit unions and passion for helping them succeed.If you want to succeed in today’s market DON’T:Look at big banks and other credit unions to see what they are doing and copy exactly what they are doing.  You aren’t staying true to your mission and brand story with this strategy. 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Amanda Thomas Amanda is founder and president of TwoScore, a firm that channels her passion for the credit union mission and people to help credit unions under $100 million in assets reach … Web: Detailslast_img read more

Chinese law could see UK judges stop serving at HK court

first_img But China’s introduction of a controversial new security law targeting acts of subversion, secession, terrorism and foreign collusion has caused concern among Western powers.UK Supreme Court president Robert Reed said the Hong Kong court had ruled on civil and commercial cases, as well as those about rights of protest and free speech.”The new security law contains a number of provisions which give rise to concerns. Its effect will depend upon how it is applied in practice. That remains to be seen,” he said.Reed said he was sure Hong Kong judges would “do their utmost” to guarantee judicial independence and the rule of law, and said they had the backing of their UK counterparts. Britain’s Supreme Court on Friday suggested its judges could stop serving in Hong Kong unless judicial independence and the rule of law were guaranteed in the city.Two British judges have served on the Hong Kong Court of Final Appeal since 1997 as part of the agreement that saw control handed over to China.The Court of Final Appeal also includes retired judges from Britain and from other common law jurisdictions, including Australia and Canada. “[The Supreme Court] will continue to assess the position in Hong Kong as it develops, in discussion with the UK government,” he added in a statement.”Whether judges of the Supreme Court can continue to serve as judges in Hong Kong will depend on whether such service remains compatible with judicial independence and the rule of law.”Reed is currently the only serving British judge provided under the agreement following Brenda Hale’s recent retirement from the Supreme Court.But he has not been scheduled to sit this year.Britain has angered Beijing by offering visas to millions of Hong Kong residents, along with a possible route to citizenship in response to China’s introduction of the security law on the territory.Beijing, already angered by Britain’s blocking of telecoms giant Huawei from Britain’s 5G network, has vowed to take unspecified “corresponding measures”.About 350,000 people in Hong Kong currently hold British National (Overseas) passports, which allow visa-free access to Britain for up to six months, Johnson wrote.Another 2.5 million people would be eligible to apply for one.Topics :last_img read more

Charities publicise RFP for impact-focused ESG mandate

first_imgThree charities have publicised a request for proposals from asset managers to run a £32m (€37m) investment mandate with maximum positive social and environmental impact.In a press release, the charities – Blagrave Trust, Friends Provident Foundation, and Joffe Charitable Trust – said their key instruction to managers was to “’impress us’ on environmental and social impact” and that they would be asking short-listed candidates to present their proposal to an auditorium of mission-led investors. The press release referred to an ‘ESG investing Olympics’.Colin Baines, investment engagement manager at Friends Provident Foundation, said: “We wish to send a market signal that asset owners are demanding higher standards of impact and ESG investment. Asset managers will recognise that the standards expected by mission-led investors like us today often become the market norms of tomorrow.”Growing demand from asset owners to have a purpose beyond financial return with their investments was being reflected in a growth in funds labelled as impact, sustainable, responsible, green or ESG, he added, but “the quality of these funds varies greatly with marketing claims not always aligned with investment practice”. The charities said the request for proposals was being advertised publicly as part of their decision to take a more transparent approach to asset manager selection in a bid to “bring investment management ‘out of the shadows’”.The charities said they planned to feature short-listed managers as best-in-sector in a report to signal to the market what emerging best practice and asset owner expectations look like.They indicated being agnostic as to the asset class, impact theme, and type of manager, with proposals being sought from “boutique impact funds intentionally seeking out start-ups with solutions to large ESG funds moving markets and transnational companies via their stewardship”.Alex Jacobs, director of the Joffe Charitable Trust, said: “We will be looking for intentional social and environmental impact, high standards of ESG integration covering exclusion, engagement and its escalation, voting record, and in-house expertise, plus impact reporting.“We know there will be trade-offs between different approaches, and we look forward to seeing which perform well.”Guiding principles included that the investment strategy be scalable to test the hypothesis that other impact-oriented pools of capital could come on board. Some short-term liquidity would be required, with an option for substantial – specified as more than 50% – liquidity within 12 years.Asset managers have to submit applications by 7 February, which should include an explanation about how important impact or ESG investment is to their business and they hoped to shape the broader investment market.last_img read more