What are some key strategies for deposit growth?
In order to navigate the current competitive environment and prepare for the future, credit unions must understand these new circumstances and how they impact their balance sheets, examine their current strategies, and develop a new action plan.
Strategies to Manage the New Financial Environment:
- Communicate with your board; don't panic, don't make things worse.
- Closely monitor deposit outflows, identify "at risk" deposits, review pricing and deposit strategy.
- Check your store of dry powder; secure sources of potential funds.
- Be prepared to make difficult decisions; double down on core business model.