CREDIT UNION CONSULTANTS ARE FUELING STRATEGIC GROWTH AND DIGITAL TRANSFORMATION

Financial executives and boards rely on credit union consultants for objective insights and specialized expertise to tackle complex strategic issues. While exact tasks vary between specific clients, types of typical projects that consulting firms are asked to execute include:

Strategic Planning: Top credit union consultants facilitate planning sessions, assess growth opportunities, facilitate discussions around mission and values, and help craft detailed strategic plans based on internal and external analyses. They outline goals, recommend actions, provide planning templates, and help communicate plans.

Market Research: Management often lacks visibility into changing market conditions. Experts are asked to research local demographic and economic trends, changing consumer behaviors, and competitive forces shaping the market to identify product and growth opportunities.

Process Improvement: Inefficiencies impact service quality and costs. The best credit union consultants document current processes and procedures, analyze productivity data, identify issues, map out improvements, and estimate cost savings. That leads to revamped processes.

Technology Evaluations: With fast-changing technologies, advisors are tapped to research options, evaluate IT infrastructure, review core and digital systems, conduct cost-benefit analyses around upgrades, and provide recommendations to leadership.

Merger & Acquisition Support: Thought leaders evaluate potential merger partners, conduct due diligence, analyze financials and operations, assess cultural compatibility, outline integration plans, and provide deal structuring advice to advance talks.

Compliance Audits & Testing: In preparation for audits, credit union consultants evaluate existing policies and procedures against latest regulations. They run mock audits, identify potential issues or gaps, and recommend specific updates to pass real audits.

Talent Assessments: Finding talent gaps, consultants can assess skill sets of teams, document roles/responsibilities, create competency models, evaluate workplace culture, identify areas of misalignment, and provide recommendations.

Member Experience Analysis: Advisors design member surveys, facilitate focus groups, map member journeys, identify pain points, brainstorm service improvements, and recommend training or process changes to improve satisfaction.

With deep expertise and an outside-in perspective, consultants provide credit union leadership with objective insights and targeted recommendations that help shape strategic direction and tackle the most complex problems.