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.
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.