DES MOINES, IA (February 20, 2013) – In a new white paper released today, Shazia Manus, CEO of payment processor The Members Group (TMG), shares insight on strategic planning for credit union leaders. As credit unions confront threats from non-traditional competitors, changing consumer behaviors and rapid innovation in financial products, remaining relevant to members is a chief goal of strategic planning.
Manus, drawing from her experiences as a former credit union CEO, says the process is best begun by asking a series of questions all stemming from what she suggests is the biggest question facing credit union leaders today: “Who are we?”
“Leaders must take that question a step further,” Manus says, “asking themselves: What will the credit union need to become in an effort to remain relevant for the future, and what capabilities will they need to master proactively?”
The paper explores several tactics for helping credit union leaders harness their vision, develop their value propositions, focus on their core competencies and secure the resources to achieve strategic growth. Manus talks through methods like data analytics and customer segmentation, product bundling, channel optimization and brand positioning.
Among the recommendations Manus shares is for credit union leaders to learn from innovators both inside and outside the movement. “Leaders can and should look outside the industry for inspiration on the use of game-changing strategies that lead to substantial competitive advantages,” she writes. Throughout the paper, she shares stories of successful strategies employed by companies like Dell, FedEx and even Louis Vuitton.
Manus also talks through the importance of a credit union’s human resource assets in achieving success. “For credit unions to thrive, leaders at all levels must have vision for the future and the capability to execute on that vision,” she writes. “And beyond having a vision, they must create a top-down culture of creativity, encouraging staff at all levels to think beyond the confines of a particular job description. By cultivating a risks-are-welcome environment, entrepreneurs are born.”
Credit union leaders are invited to download the white paper for free at themembersgroup.com/prstrategicplanning.
About TMG
The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com.