Having solid systems in place is core to any successful business. Equally important is the constant support these systems receive to stay up-to-date, agile, collaborative and in-line with customer needs.

This collaborative effort should be focused on four key areas in 2023, to help advance the credit union movement and ensure a strong future for the industry.

1. Financial Well-being for All

This was the original purpose of credit unions and still is today. Financial well-being for all is the cornerstone of this industry and should remain a top priority. It comes down to not just talking the talk, but walking the walk.

You don’t have to make a financial contribution to advance system advocacy and support. But you can utilize the resources made available to your organization thanks to those financial contributions. Resources like the FinHealth Fund that I wrote about last year on this site. Growing, learning and ultimately improving your operations and offerings by leveraging resources made available to CUs through opportunities like the FinHealth Fund can go a long way toward fortifying our movement.

2. Diversity, Equity and Inclusion (DEI) Advocacy

This area of focus continues to grow and should be a priority for all of us. A deeper understanding of the implications of DEI, are not only good for your organization, but for employees, customers, members and the credit union system. The DEI Collective is comprised of an intentional group of credit union voices and credit union system leaders. The DEI Collective is finding ways to collaborate and champion DEI efforts in the industry. These efforts are ongoing. We didn’t get here overnight, and there’s still work to be done. We’re going to push forward together.

3. Collaboration is Our Strength

There’s a need in our community for credit unions of all sizes. Working together to bring scale to smaller credit unions should be a priority for all of us.  Smaller credit unions are in a unique position within their communities and are doing amazing things for the members they serve. In many cases, these credit unions are the only financial option for citizens in less populated communities.

4. Building Credit Union Advocates

We have a special value proposition and a compelling story to tell. The most effective way to build advocates is by giving members unforgettable experiences across all channels. When we do this well, we’ll increase loyalty with more members who will become our advocates.

Organizations with more resources are sharing this story through key fintech partnerships, funding and increasing consumer education around the service credit unions provide to communities.

Original article available here.