A CEO Strategic Boot Camp Initiative
During the CEO Strategic Developers Boot Camp in November 2018, CEOs brainstormed on the future of internet banking from a big-picture, strategic point of view. In addition to exploring how credit unions envision their internet retailing strategies in the coming decade, CU*Answers reviewed two 2019 initiatives that serve as templates for tactical approaches for internet retailing: Selling loans via internet channels, and our internet stores.
Open the slides from the 2018 CEO Boot Camp session (PDF)
Open the assignments due December 14 (DOCX)
Open the other handouts and homework
The Task Force
The Designing the Future of Internet Retailing Task Force met on Tuesday and Wednesday, April 23 & 24, 2019. The Task Force consists of 6 participants from 6 credit unions. Their role is to help our teams determine a vision for internet retailing, imagine new ways for credit unions to sell loans via internet channels, and figure out how to stock the shelves of a credit union internet store. Most importantly, this group is helping us to write a new rulebook for the way credit unions interact with members in the spirit of true internet retailers.
Projects in the Works
Here is a short list of the specific projects the Task Force is working on with our teams:
- Proof-of-concept projects for 1Click Offers and Instant Loans – Moving from expecting members to apply for a loan to a game plan where you offer them a guaranteed loan.
- Forms and Request Center – Helping CUs increase their online request and fulfillment offers to members by a hundredfold.
- Skip Pay and Other Ways to Earn via the ‘Net – Starting with online Loan Modification requests and early ACH deposits for a fee, and looking for the next 10 tactics we can use to increase online revenue for everyone.
- We also continue to work on building online stores, helping credit unions focus on the required tactics to be an internet retailer extraordinaire.
Additional Resources
Chefs for this recipe: Pete Winninger and Geoff Johnson
