A very Happy New Year to you!
I hope you had a relaxing holidays and are refreshed and ready for 2023.
Like the seasons, our economy goes through cycles, but unfortunately these aren’t as predictable as “spring follows winter.” During an adverse cycle, like the high inflation we’re experiencing, we can’t eliminate the pain but can take measures to mitigate its impact. Cutting back on discretionary purchases, like a few less Starbucks, or keeping the old phone six months longer is a great start.
Another good move is putting some of the cash freed-up in this way into high-yield savings, like our exceptional range of savings accounts. Our rates are consistently benchmarked against competition to keep them among the best in the country.
This “trim a little, save a little” approach not only helps build financial security, but collectively can also help drive down inflation. The increased post-pandemic demand for goods and services has been a significant factor behind price inflation. By cutting back on purchases, even modestly, we can slow down and even reverse this trend. In fact, we’ve been seeing signs of this in the economy in recent months ―which is good news for us all.
Our Credit Union’s ability to offer highly competitive rates, grounded in our financial strength, is undoubtedly important to our members, but so is great service. That’s why we continue to expand our staff. We actually increased headcount by 10% last year alone, to keep up with demand for the personal touch we know you value. We’ve also continued to invest heavily in the other key dimension to great service―the technology you use every day to manage your finances.
This is why our next technological upgrade, called Tulee, is so exciting. Tulee is a suite of banking apps that will take our digital banking to a new level. Coming soon―we’ll keep you updated on progress― we will kick off Tulee by launching a core platform of key banking services including Online Banking. After this we’ll continue to roll out new apps and services, gradually, throughout this year and ongoing. This incremental approach will give you plenty of time to familiarize yourselves with the change, I promise the rewards will be worth it, and for us to get your feedback on each new application and make enhancements if needed. I can’t wait for the launch, and am looking forward to hearing what you think!
President & CEO