ST. PETERSBURG, Fla.– Velera CEO Chuck Fagan said the metric every CU leader should have on top of their credit union’s KPI list is “speed to member impact.”
In an interview with Karen Webster, CEO of PYMNTS, Fagan said what he means by that is credit unions must ask themselves how quickly they can turn good intentions into something a member actually feels?
He added that he believes the word “credit” is baggage and is slowing down credit unions’ outreach to younger consumers, according to PYMNTS, and that housing, cars, and everyday expenses are pushing members toward credit unions not for growth, but for survival.
What’s Not Being Debated
“Members aren’t debating whether their credit union cares about them. They’re asking how fast it can do something about their situation,” PYMNTS said of the interview with Fagan. “The rent increase that ate their savings buffer, the car payment that repriced upward, the grocery bill that quietly became the second-biggest line item in their budget. The institutions that answer quickly will keep those members. The ones that don’t will watch them drift toward whoever can.”
PYMNTS noted that Fagan described tools that show members exactly where their money went, what’s coming in versus going out, and how different choices would ripple forward. He called it scenario planning at a consumer level.
CFO Modeling at the Family Level
“The same kind of modeling a CFO uses, scaled down to a household trying to figure out whether they can absorb a rate adjustment on their car loan without missing a utility payment,” PYMNTS said. “This is where speed to member impact starts to get concrete.”
For the full interview: Need to Know With Velera’s Chuck Fagan
