The Benefits of the Covid Crisis

The following are notes from the CEO’s comments and Chairman’s close at a credit unions” members’ virtual annual business meeting a week ago. The CEO summarized covid’s lessons to date:

  1. Interrupted what we were doing, gave us time to rethink priorities, reengineer the financials, and focus on strategy after coronavirus;
  2. Stay at home orders for our staff and members meant the virtual future anticipated in 2025 is here now;
  3. Our experience has given us renewed confidence we can endure in the future. Many of our younger leaders have not had to manage a crisis. This event makes them “battle-tried.”
  4. Crisis confirmed the advantages of being local. We are part of the community. We lead recovery with our example.

He concluded: This is the first national public health crisis for over a century We will document our plans to tell a winning story afterwards. More importantly, we are more prepared and empowered to confront the next unforeseen challenge .

Better Than Before

The Chairman closed the meeting by giving his future vision: Better Than Before. The pandemic required an immediate response of continuous innovation and improvement. He promised to sustain that momentum even when “we are standing on the other side” of this event.

What are your your credit union’s learnings at this phase of the crisis? Are you documenting actions to have a road map for the next disruption?

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