Skip to main content

Driving Growth in the Year of the Rabbit

01/07/2023 CUToday

By John Vardallas

Screen Shot 2023-01-06 at 1.09.15 PM

According to the Chinese Calendar 2023 is the Zodiac Year of the Rabbit. The Rabbit personality is focused on peace, prosperity, longevity and access. People born in this year are calm, decisive, rarely panic and cautioned to think twice before acting to be successful in their plans.

In terms of wealth, Rabbits will be careful about watching their money and entering monetary relationships with others. So do not expect a big windfall achievement in the year of the Rabbit. Bracing for trouble and being cautious and reasonable about money will help one go through the year smoothly. 

Like the rabbit, credit union leaders must monitor the changing economic conditions and impact on consumers’ (our members’) lives and invest in analytics that look for opportunities to meet new needs. 

And like Rabbits we must be wary and keep an Eye on the Two I’s-—inflation and interest rates.

2023 will be the real year of test regarding the contracting economy and the recessionary carry over from 2022. It will give our credit unions a chance to put into practice our re-imagining strategies for the future during a challenging economy.

More than ever, 2023 will be the time for our CU leadership to be bold, think more like futurists and implement recent post-COVID lessons learned that have impacted our operations and serving members.

Dangle Some Carrots

And, like getting a rabbit’s attention, your credit union should dangle some “incentive carrots” to get members to use more of your services: rewards programs, rate specials, free education seminar/webinars, credit reports and easy mobile payments.

Credit unions should value even more the contributions employees bring to the workplace, especially during the Great Resignation, and support them in embracing our business transformation while generating value from exceeding member expectations and experiences.

More than ever during an uncertain economy, credit unions must continue to tell our story more, be heroes to our members and keep demonstrating our mission/purpose and community inclusiveness. Focus on continuing to be a trusted advisor/first financial responder and life-line to our members financial needs.

Suggested Strategies

Some suggested recession-buster growth strategies to consider for 2023 include:

  • Offer incentives/rewards (low-rate cards) to members for doing more business with your credit union
  • Increase CU’s products/services
  • Give members a strong member experience (MX)
  • Provide more electronic ad remoted lending/online ordering transactions capabilities, and do its 24/7/365
  • Offer retirement planning (Wills) serviced
  • Increase non-interest income (credit life/disability insurance products)
  • Promote home equity loans (home offices/family caves/backyard landscaping)
  • Help more members needing financial assistance and counseling
  • Provide loans for boats/personal watercraft, RV, camper, ATVs
  • Be ready to respond to pent-up desire for new/used cars
  • Provide member business loans (including to cannabis businesses and suppliers)
  • Offer green loans for solar panels (for commercial and home use), as well as hybrid and EV autos
  • Offer first (second vacation) and travel loans
  • Pursue the those unhappy customer refugees (Wells Fargo) and demonstrate how credit union membership is a better financial value 

One Final Thing

Finally, the overall economy is likely to be weaker in the coming year. However, due to strong net worth, earnings and assets, credit unions will have the capacity to lend and grow. Credit unions have always survived challenging times and members will be looking for guidance, help and their assets preserved. 

2023 will be no time to go down rabbit holes. Credit union leaders will need to work smarter, be brave and pounce upon this opportunity for the credit union difference to shine. 

It may mean the difference between just surviving and thriving. 

That’s all, folks.

John A. Vardalas is founder/CEO of The American BoomeR Group, a Madison, Wis. based speaking/business consulting firm for credit unoins. He can be reached at jvardallas@aol.com/www.theamericanboomer.com

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Honoring Our Member Credit Unions Ranked Among the Top 100 in 2025

Celebrating Excellence: Honoring Our Member Credit Unions Ranked Among the Top 100 in 2025   Best-performing US credit unions of 2025 At NCOFCU, we take immense pride in the strength, resilience, and impact of our member credit unions. Today, we are thrilled to recognize and celebrate several of our members who have earned a place among the Top 100 Best Performing Credit Unions of 2025 —a testament to their unwavering commitment to service, financial stewardship, and community leadership. This achievement is not just about rankings—it reflects the daily dedication to members, the trust built within communities, and the innovation that continues to drive our movement forward. 🌟 Our Honored Members We proudly congratulate the following institutions for their outstanding performance: #7 – Long Beach Firemen's Credit Union A remarkable top-10 finish that highlights exceptional operational excellence and member value. Long Beach Firemen’s CU continues to set a high bar for perform...
Post a Comment
Read Complete Article HERE>»

The United States at 250: How the Country Has Changed in the Past 50 Years

  In July, the United States will celebrate its 250th anniversary. The country’s last major milestone was 50 years ago, at its bicentennial on July 4, 1976. U.S. society has changed profoundly since then. Over the past five decades, the U.S. population has  aged significantly,  with the percentage of people 65 and older nearly doubling. The country has also become  more racially and ethnically diverse,  as growing shares of people identify as Asian or Hispanic. And following more than 70 million immigrant arrivals, the percentage of  foreign-born people  in the population has more than tripled.  Americans are also  less likely to be married  than ever before. Women – who now have far more options outside of the home than they did in 1976 – have contributed to a  boom in higher education  and helped  expand the workforce.  And even though many Americans are financially better off than they were 50 years ago,  econ...
Post a Comment
Read Complete Article HERE>»

Fire Police City County FCU rebrands to reflect company growth

FORT WAYNE, Ind. (WANE) – A federal credit union with a long history in the Fort Wayne area is changing its name to something that the company said Tuesday reflects its ability to serve a larger sector. Fire Police City County Federal Credit Union, founded in 1933, will go by Summit Choice Credit Union starting in April. Members and locals will start to notice new signage and aesthetic changes at each branch throughout the month. The rebranding does not affect the credit union’s structure, ownership, or member accounts, according to the news release. Summit Choice Credit Union remains a member-owned financial cooperative, governed by the same principles and operated by the same team.  Its website  reminds members that new cards are being issued due to the rebranding. The credit union was originally formed for the families of local firefighters. Today, it serves employees of more than 350 local businesses around greater Fort Wayne. “Adopting the name Summit Choice Credi...
Post a Comment
Read Complete Article HERE>»

The Unique Challenges, Opportunities for CUs in Attracting & Retaining Top Talent

Affinity FCU shares the details of its strategies, including a comprehensive benefits program. By Pam Cohen | September 09, 2024 at 09:00 AM Credit/AdobeStock Attracting and retaining top talent is an ongoing challenge for many organizations, but credit unions face a unique set of obstacles. Unlike larger financial institutions, credit unions often operate with resource constraints and have less brand recognition, which can make it difficult to compete for top-tier talent. Despite these challenges, credit unions have unique strengths that can be leveraged to attract individuals who value a strong sense of community and a supportive work environment. Being Innovative When Growing Talent At Affinity Federal Credit Union, we have implemented several innovative strategies to attract and retain top talent. One key approach is our comprehensive benefits program, which emphasize...
Post a Comment
Read Complete Article HERE>»

Agencies Issue Exemption Order To Customer Identification Program (CIP) Requirements

WASHINGTON--The Federal Deposit Insurance Corporation, the Office of Comptroller of the Currency, and NCUA, with the concurrence of the Financial Crimes Enforcement Network, issued an order Friday granting an exemption from a requirement of the Customer Identification Program (CIP) Rule implementing Section 326 of the USA PATRIOT Act. The CIP Rule requires a bank or credit union to obtain taxpayer identification number (TIN) information from its customer before opening an account, and the exemption permits a bank or credit union to use an alternative collection method to obtain TIN information from a third-party rather than from the customer, the agencies stated in a joint release. The order applies to accounts at all entities supervised by the agencies. "Since the CIP Rule was issued initially in 2003, there has been a significant evolution in the ways consumers access financial services, along with a rise in reported customer reluctance to provide their full TIN due, in part, to...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - Landmine Rat Honored

  Landmine Rat Honored   Cambodia unveiled the world’s first statue honoring a landmine-detecting rat (w/photo) Friday. Magawa the rat lived to 8 years old and identified more than 100 landmines and other explosives from 2016 to 2021.  There are more than 100 African pouched rats deployed in landmine detection operations across the world. To identify mines, the rats are trained to sniff out explosive compounds like trinitrotoluene, or TNT. (The rats are not heavy enough to trigger detonation.) In Cambodia, up to 6 million landmines remain undiscovered, most planted during three decades of conflict, from the Vietnam War era through Cambodia's civil war . Since 1979, roughly 20,000 people have been killed in Cambodia, and roughly 40,000 wounded as a result of the mines. Magawa cleared more than ...
Post a Comment
Read Complete Article HERE>»

Great News From AutoLink

Great news!  AUTOLink has teamed up with SiriusXM! Last month, Auto Link told you about a new benefit coming to our program for your members – a free 3-month trial subscription to SiriusXM.  We are pleased to announce that this benefit will be going live for our credit union clients on December 1 st !   However,  action on your part is needed. This e-mail will briefly explain how the program will work for members, and the options you have for offering this benefit to your auto loan members.  We recommend that someone from your credit union attend one of our upcoming webinars, which will explain the process in greater detail. Read More
Post a Comment
Read Complete Article HERE>»

NEURAL PAYMENTS Will be in Key West

Neural Payments is a payments engine that simplifies the complex landscape of money movement between diverse financial applications. Neural Payments builds a bridge between payment rails to allow fintechs and financial institutions to deliver seamless commerce for consumers and businesses via a single point of send. This allows money to move between applications and networks in real-time without needing core integration. Stop by their booth in Key West, Florida. Jenn Petry Director Strategic Partnerships | Neural Payments 859.663.7197 | https://neuralpayments.com
Post a Comment
Read Complete Article HERE>»

What Gen Z Is Really Looking For In A Credit Union

  Gen Z’s faith in traditional institutions gives credit unions a rich opportunity to serve as a key source of financial guidance. Sponsored Content By Adrenaline, Inc. Credit unions can strengthen loyalty with the influential Generation Z by connecting their brand’s purpose, financial guidance, and in-branch experience. Widely described as digital natives, Gen Z meets many of their everyday banking needs with mobile apps and digital tools across multiple providers. While younger consumers certainly expect seamless digital functionality from their primary financial provider, what they value even more is meaningful advice and trusting relationships. Because beneath Gen Z’s technological savvy is a measurable confidence gap —  one that impacts every aspect of their financial lives. According to  Adrenaline’s 2026 Gen Z research  conducted with Alexander Babbage, 36% of Gen Z say they find financial matters confusing, and one in three report feeling overwhelmed by money...
Post a Comment
Read Complete Article HERE>»

Where are your children banking?

  Grant Sheehan CCUE | CCUP | CEO, NCOFCU The B reach  Between Purpose and Experience Just recently, I came across a story that has stayed with me. It wasn’t dramatic in the traditional sense. There was no scandal, no crisis, no headline-grabbing failure. In fact, it was something much quieter than that. It was simply the story of an eighteen-year-old leaving his credit union. On the surface, that might not sound remarkable. Young people move their money frequently. They open new accounts, experiment with apps, follow trends, and often make financial decisions influenced by the digital tools at their disposal. But this story was different. This young man had been a credit union member since he was a few weeks old, as many credit unions do. His mother has spent her career working inside the credit union movement as an executive. For eighteen years, his financial life was connected to a credit union. If anyone might be expected to remain a lifelong member, it wou...
Post a Comment
Read Complete Article HERE>»