Credit unions must be able to focus on providing their members the best services and remaining integral participants in their communities to thrive. However, they must also comply with changing regulations, stay balanced in a shifting economy, offer relevant digital service options to their customers, and keep their operations running smoothly—from finance to staffing.
Credit unions face a lot of responsibilities, from compliance with regulatory capital and liquidity requirements to meeting member demand for faster payment solutions and mitigating fraud and risk. Alongside these strategies, credit unions face new and changing competition in their market. This competition drives up expectations from members who want options like simple and secure digital access to services from anywhere.
Additionally, credit unions increasingly find themselves amidst a consolidation or considering a merger or acquisition.
All of these concerns present challenges that can keep organizations treading water, rather than excelling, growing and achieving new goals each year. They can keep credit unions from growing their membership, and potentially distract them from offering the quality service their existing members demand.
How Credit Union Advisors Can Help
Considering this complexity and the related challenges, it’s helpful to have a trusted advisor who understands what it takes to manage and grow an organization like yours. Consultants with industry expertise and experience working through credit unions’ specific challenges can give you confidence in your decisions, help you drive performance and handle the detail work so you can continue providing superior services.
Eide Bailly has more than 70 years experience working with financial institutions and guiding them toward success. Our advisors work with you to help you assess your performance, manage your interest rate risk and liquidity, asset/liability management, and regulatory compliance exams including Bank Secrecy Act/Anti-Money Laundering examinations. Our experienced consultants are available to provide vendor management and contract negotiation services, review commercial loan relationships and internal audit services in addition to external independent audits and chart a path toward greater results and more efficient operations, and achieve your objectives.
Our team, which includes former regulators, CFOs, board directors and CPAs, can provide services for everything including managing administrative tasks, consulting on taxation and finance and designing a full digital transformation for your organization. Our advisors know credit unions, and they can help you strategize to compete and grow—even in an uncertain, shifting economy.