The time participants spend completing the survey for The Cornerstone Report: Benchmarks and Best Practices for Credit Unions® will pay for itself many times over with the valuable performance improvement information The Cornerstone Report will provide.
Scottsdale, Arizona (PRWEB) March 26, 2012
Cornerstone Advisors announced today it is extending an invitation to credit unions with $250 million and more in assets to participate in The Cornerstone Report: Benchmarks and Best Practices for Credit Unions®. The 2012 study is the Sixth Edition of Cornerstone Advisors’ benchmarking and best practices studies, which provide spending, staffing and process benchmarks, and industry best practices for medium size financial institutions. This information is the most extensive and in-depth operational data available to credit unions.
“A great deal has happened in the industry since our inaugural credit union study in 2006, and we believe there will be an enormous amount of interest on the part of these credit unions to gauge not only how their performance held up through the Great Recession, but how their competitors sustained operations through the economic crisis over the last several years,” said Scott A. Sommer, president and CEO of Cornerstone Advisors, Inc.
As in years past, there is no charge for credit unions to complete the survey. “The time participating credit unions spend completing the survey for The Cornerstone Report: Benchmarks and Best Practices for Credit Unions® will pay for itself many times over with the valuable performance improvement information The Cornerstone Report will provide,” Sommer said. In addition to a free compilation of the benchmarking data, participants will receive the following:
1. Detailed staffing and productivity benchmarks in 15 key credit union functions;
2. Key revenue and fee income benchmarks;
3. An analysis of overall technology spending levels versus peer credit unions; and
4. An examination of technology utilized and deployed as compared to peers.
Participating credit unions will receive, prior to publication, three complimentary copies of The Cornerstone Report: Benchmarks and Best Practices for Credit Unions® (a value of $995 each) as well as a confidential, customized Cornerstone Scorecard®. The Cornerstone Scorecard® provides comparison data and a breakdown of revenue enhancement and expense-reduction opportunities in 15 major credit union areas. The Cornerstone Scorecard® also evaluates an individual credit union’s performance in key fee income and non interest expense categories.
More than 60 institutions took part in Cornerstone’s 2006 study. In 2008, Cornerstone updated these benchmarking figures with more than 70 institutions. “We are excited to be doing things a little differently this year,” said Scott Hodgins, Cornerstone’s newly appointed Director of Research “Our data collection will now take place 100% via secure Internet technology. The new Web-based platform will greatly simplify the survey process, significantly reduce the time commitment for study participants, and add a new layer of security to the data submitted by participating credit unions.”
Cornerstone also has a new database administrator on staff as well as a full time project analyst dedicated to the production of The Cornerstone Report. “We’ve invested more than $150,000 to upgrade our database to provide the fastest possible response of survey results,” Hodgins said.
The study results will be published in late 2012.