The Iowa Credit Union Growth Commission, created by the Iowa Credit Union League Board of Directors in 2007, was formed to review industry trends and market research as it relates to credit union growth, with the ultimate goal ofofferingrecommendations for credit union growth strategies.
At a time when credit union membership growth in Iowa is generally stagnant, credit union members are aging, competition is increasing, margins are shrinking, and new markets are emerging, the Growth Commission recognized the need to focus on strategic, innovative and collaborative ways to serve Iowans in the future.
Comprised of 23 Iowa credit union leaders, the Growth Commission spent more than six months reviewing research and discussing the future of the credit union movement. Their meetings, facilitated by John Lass, Senior Vice President Product Development of CUNA Mutual Group, ultimately led to the identification of five key areas to help stimulate growth in Iowa. These concepts include:
Back office support
Human resources support
Marketing support
Mobile banking
Virtual bank
By the end of summer 2008, the goal is to complete market research to assess the needs of the marketplace, specifically for the back-office support, HR support, and marketing support. With the market research in place, the Iowa Credit Union League will conduct a financial analysis to determine the most viable solutions and will begin working on developing business plans and product launches only if there is a need and demand from credit unions.
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