Abound Resources' Survey Reveals Credit Union CEO Optimism

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Though fraud and information security are growing concerns

Credit union consulting firm Abound Resources has published the results of its annual Insights survey of credit union executives for 2015. The results indicate that a very large number of CEO's are feeling a lot better about this year than they have in the near past.

“That is not to say they are content. Concerns about regulatory burdens have increased steadily, and they are still worried about the economy and interest rates,” said Brad Smith, credit union consultant and President and CEO of Abound Resources. Additionally, replacing NSF/OD income with other fee income sources was the concern that moved the most up the list this year, with 27% of CEO's rating this as a focus for 2015, as opposed to 15% last year.

While CEO’s top priority for 2015 is to grow consumer loans, they are also focused on growing mortgage loans and on growing their Internet and mobile channels. But they have not lost sight of the need for cost containment. Streamlining workflow was the top cost saving strategy cited this year.

The biggest move this year was the big jump in CEO’s focus on fraud and information security, nearly doubling in importance.

The credit union executives in charge of IT seem to have heard their CEO's loud and clear. Those executives named their top three technology concerns as using technology for better member services and competitive differentiation, better efficiencies, and gaining more value from existing technologies and vendor relationships.

Those same credit union executives expect an increase in technology spending with 13% expecting “much more” spending in 2015 compared to 2014, and 53% reporting “slightly more.”

While credit union officers expect technology spending to increase, this year’s priorities reflect CEO’s focus on Internet and mobile channels with consumer and commercial remote deposit capture (RDC), commercial and consumer Internet banking, and mobile banking making the top five planned purchase list with one out of five credit union officers making at least one of them their priority.

To get a copy of the full survey results titled Insights into 2015, please contact Shellie Perreault at info(at)aboundresources(dot)com, or download a copy of the report from Abound’s website, http://www.aboundresources.com.

About Abound Resources:
Abound Resources was founded in 1997 and is an Inc. 5000 credit union and bank consulting firm focused on assisting financial institutions achieve their profitability, technology and risk management goals. Abound has helped over 500 financial institutions across the US improve profits by more than $25 million.

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Shellie Perreault
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