Your Members Are Hurting
In a May 15, 2020, article on newsweek.com, Eddy Rodriguez writes: “More than half of Americans who have taken money out of their retirement savings accounts did so to cover basic expenses during the coronavirus pandemic.” Consumers need all the help they can get from their financial institutions. For many credit unions, this will require new or modified services.
Helping members in these trying times requires planning and budgeting to assure new services under consideration directly or indirectly cover the incremental expenses of the credit union to provide these services.
TCT’s Budgeting and Profitability Projection tools allow credit union managers the ability to project the impacts proposed new services will have on profitability and equity.