Strategic Planning Highlights – Key Trends and Priorities for Credit Unions

As the 2024 strategic planning season wraps up, the League of Southeastern Credit Unions (LSCU) is happy to share a snapshot of the leading trends and priorities that remain top of mind for credit unions across the region. This year’s sessions highlighted key areas for growth, innovation, and vigilance, reflecting the credit union movement’s continued dedication to adapting to a fast-evolving financial landscape.

Here’s a look at some of the prevalent topics credit unions are focusing on as they prepare for 2024:

1. Integrating Artificial Intelligence (AI) for Operational Efficiency
   Credit unions are increasingly interested in AI technologies, not just as a trend but as a strategic tool. Whether improving member experiences or increasing back-office efficiency, credit unions are exploring how AI can transform their operations while navigating ethical and compliance considerations.
2. Attracting Younger Generations
   Engaging younger generations remains a priority as credit unions seek to grow and diversify their member base. Many discussions centered on enhancing digital offerings, developing innovative products tailored to younger audiences, and creating meaningful financial education resources that resonate with these future members.
3. Staying Ahead of Fraud Trends
   With fraud schemes evolving, particularly those leveraging AI, credit unions are prioritizing proactive fraud detection and prevention. Understanding and anticipating potential fraud tactics, including phishing and AI-driven fraud schemes, has become essential to safeguarding member trust and assets.
4. Enhancing Financial Education Resources
   Financial education continues to be a core offering for credit unions, but many are now aiming to broaden these resources to address changing financial landscapes, including budgeting, debt management, and investment fundamentals.
5. Reviewing Financial Performance Metrics
   Ensuring financial stability and growth is paramount. Credit unions are assessing performance metrics to identify opportunities for improvement, aligning with member needs, and maintaining resilience through fluctuating economic conditions.
6. Keeping Up with Economic Trends
   Among financial changes, staying informed on the latest economic data and predictions has never been more important. Credit unions are focusing on understanding the broader economic outlook and preparing accordingly, with an eye on interest rates, inflation, and regional economic impacts.

“Presenting at and facilitating strategic planning sessions for credit unions is one of my favorite parts of the job,” expressed Samantha Beeler, President of LSCU. “Not only do I learn something new every time it allows the me the ability to get to know our diverse and unique credit unions better and understand how the league can better support our members as they plan for the future.”

If your credit union is looking to dive into these or other topics, LSCU’s team is available to support and facilitate your strategic planning sessions. Our experts bring diverse perspectives and insights to drive meaningful discussions tailored to your unique needs. For more information, please reach out to our team at MemberEngagement@lscu.coop.