Abound Resources Credit Union Survey Reveals Continued Optimism

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Survey Highlights that Credit Union Profitability Fuels Ongoing Optimism Among CEOs

Abound Resources Insights into 2014 Survey Results for Credit Unions

"Credit Union CEOs realize that they can do even more to rise above economic and regulatory challenges and remain profitable and relevant in 2014 and beyond."

Abound Resources, a leading credit union consulting firm, today released the results of its annual survey of credit union executives. The results highlight that credit union CEOs remain optimistic for 2014, an attitude that appears to be fueled by ongoing credit union profitability.

Credit union CEOs are feeling more optimistic about the year ahead, with 48% stating that they feel either somewhat or very optimistic, a jump in confidence from 2013.

"Even with a tough interest rate environment, credit unions have reason to be optimistic," says Brad Smith, Abound Resources' President & CEO. "In our conversations with credit union CEOs, the majority realize that they can do even more to position their credit union to rise above economic and regulatory challenges and remain profitable and relevant in 2014 and beyond."

Among its list of concerns, credit unions are focusing more on membership growth, with 25% naming it a priority, up from 17% in 2013. This makes sense, since the credit union membership is aging and credit unions are struggling to replace this aging base with Generation Y consumers.

In terms of setting growth priorities for 2014, CEOs are firmly committed to the notion that consumer lending is critical to their growth strategy. In 2013, 88% of CEOs named consumer lending as a growth priority. In 2014, it’s a resounding 94%.

A complimentary copy of a White Paper analyzing the complete survey results and Abound Resources’ top five strategies for 2014 is available for download at http://www.aboundresources.com/credit-union-insights-into-2014-survey-results/

About Abound Resources

Abound Resources is a full service credit union consulting firm with the sole purpose of helping credit unions achieve their goals - whether those goals are for growth, efficiency, technology or risk management. In fact, we guarantee it.

Abound Resources offers an array of services designed to improve performance and profitability and help credit unions cope with an increasingly stringent regulatory environment.

Our seven practice areas are each headed by an experienced practice leader:

Technology – credit union technology plans, credit union vendor evaluations, core vendor RFPs, credit union contract negotiations, credit union vendor management

Performance Management – credit union workflow improvement, revenue enhancement, credit union efficiency improvement

Lending – loan process improvement, loan origination vendor evaluations and implementations

Small Business and Commercial – small business deposit and fee income growth programs, credit union cash management programs

Strategic Planning – credit union strategic plans, risk tolerance planning, one page strategic plans, competitive differentiation

Sales and Marketing – branch performance improvement, sales coaching and training, e-marketing strategies and campaign management

Risk Management and Compliance – ERM, credit union IT audits, information security assessments, credit union compliance, BSA review

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Beth Dalton
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