Impact of Pandemic Focus of CEO Roundtable

Ron Mclean, president/CEO of the Cooperative Credit Union Association, hosted a roundtable discussion for CEOs of member credit unions with assets over $100 million yesterday, providing an online forum for CEOs from four states to exchange ideas and discuss key issues.

The afternoon dialogue featured an economic and political update from Jim Brett, President/CEO of the New England Council – “The Voice of New England Economy.” Brett shared how the pandemic has impacted the region, noting the industries that have been hardest hit. Brett also provided insight on anticipated changes that may accompany a new regime Washington DC, focusing on the strong relationships that the Council has forged with lawmakers in key positions.

The group also learned the importance of letting ‘analytics drive strategy’ from CULytics’ Naveen Jain, President & Founder, and Bob Little, Founder & Principal, as they discussed the importance of measuring strategically to ensure success. For credit unions to successfully accomplish their goals, they must identify metrics that will show progress towards key objectives. The pair agreed that transformation can be hard, but credit union need to keep moving forward.

Mark Sievewright, President of Sievewright & Associates, wrapped up the afternoon leading a CEO dialogue followed by open discussion. Among the topics discussed as the group looked back on the impact of the pandemic in 2020 were lessons learned and plans for 2021 and beyond. Among lessons learned, credit union leaders shared how the pandemic had accelerated plans for implementing digital technology and the impact of deploying a remote workforce, both on their employees and their strategic plans.

Concerns for the economy and the impact of tightening margins on the bottom line were among the top concerns shared by the group for 2021 plans. But they also noted the pandemic had revealed the likely savings of maintaining a remote workforce in some format, including future expansion plans. Several noted that the pandemic had changed the way they were transacting business but had not changed their strategies for the future.

Registration is open for a CEO roundtable for credit unions with assets under $100 million on December 9th.