Our Credit Unions Aced 2023

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Loan demand was strong last year. Deposits were elusive. But that’s not news to you. That was the overall story for most credit unions in 2023.

For more than 10 years, we have collected and compiled quarterly call report data from our clients to look for trends and anticipate strategic shifts needed to remain competitive. Reviewing the data for last year, I’m not sure I could be more proud of what they’ve accomplished for their credit unions and their members.

Here is what I found:

1. Loan demand was strong in 2023, averaging 8.86% for all YMC clients. That was down from 16.09% growth in 2022. With liquidity tightening and loan-to-share ratios on the rise, loan demand didn’t decrease in 2023; however, the ability to lend did. One positive trend among several clients was decreasing dependence on indirect lending and increasing focus on serving ideal members. That drove share-of-wallet up as well as yield on loans.

2. Our top five credit unions for loan growth ranged from 14.5% all the way up to 37.19%. The commonality among these five was their risk appetite. To ensure they manage risk appropriately, some of those credit unions work with TCT Risk to maintain safety barriers and ensure proper pricing for their loan portfolios.

3. Membership growth in 2023 was more robust than in 2022. Each quarter saw membership increase across all our clients, with Q4 being the highlight of the year. Our top five credit unions for membership growth ranged from 4.29% to more than 17%. These five diligently focused on educating and engaging with their respective ideal member.

4. Q4 2023 experienced the 11th straight increase in net worth among our credit unions as they continue to rebuild their strength after the COVID-19 crisis.

Overall, 2023 was a spectacular year for Your Marketing Co. clients when it came to growth. Despite liquidity challenges, our clients were able to continue lending and serving their members well. Adjustments in our digital strategy and six-figure investments in technology upgrades and new software allowed us to gain deeper perspectives on our clients’ ideal members and reach them more effectively. We fulfilled our mission to help credit unions avoid unnecessary mergers by educating, engaging, and retaining the next generation of credit union members, and that remains our focus in 2024.

Is your credit union ready to ace 2024? Contact Bo at Your Marketing Co. today!

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Reh Harvey

Vice President of Digital Strategy

Reh Harvey, our Vice President of Digital Strategy, leads with diligence and fervor. Having previously been a member of Team YMC, he is excited to return to such an amazing culture and even more amazing people (his words)! Through his experience in the marketing world, he’s found the key to success is to stay on the cutting edge and to always keep evolving.
 
Although originally drawn to marketing for its lack of math, Reh now finds himself doing more math than he would’ve bargained for. But his self discipline and positive attitude make it easy for him to laugh and take it in stride. Hoping to one day visit Japan and enjoy some premium Sushi, Reh lives life by his creed: Be a good human. Do good work. And above all, just keep going.

Hailey Madej

Graphic Designer

As YMC’s in-house Graphic Designer, Hailey possesses an eye for detail and a drive to innovate. It’s no surprise though since being creative runs in the family! Inspired from an early age by her mom’s work as a Graphic Designer, Hailey is a seasoned expert whose talents bring vitality and accessibility to every project. As a UX/UI designer, she expertly blends the intuitive and the creative for all to enjoy.
 
In addition to the occasional freelance project, Hailey also lends her abilities to supporting art initiatives within her community, such as the Belleville Mural Project. Her favorite aspect of joining the YMC team is the friendly, uplifting culture and breadth of design tasks. When it comes to marketing, she believes in pushing boundaries and maybe breaking some rules to capture her audience’s attention. Her advice to those just starting out? “Always seek quality over quantity.”

Dexter Ochoa

Development Assistant

When it comes to blending logical thinking and creative problem solving, Dexter’s abilities are undeniable! Beginning his career as a Web Developer, he’s no stranger to the wide world of Marketing and Advertising. Calling Biñan City in the Philippines home, Dexter has a burning desire to visit the Alpine peaks and valleys of Switzerland. While that journey may be far off, he is still no stranger to international travel. While visiting Japan, he was able to enjoy his favorite delicacy: Sushi and Sashimi. He also learned unexpected facts about Japanese Yen, specifically that it has special markings for the blind to know its value!

Whether he’s enjoying a cup of coffee in the morning or the occasional Pale Pilsen in the evening, Dexter is eager to work with the talented professionals of YMC, and we’re just as eager to add his talent to the team as well! His marketing words of wisdom? “Be creative, and just do what you want!”

Andrew Wyche

Copywriter

Hailing from the NC state capital (that’s Raleigh if you didn’t know), Andrew is YMC’s Copywriter extraordinaire. That’s why he knows that “The verb form of ‘reconnaissance’ is ‘reconnoiter.’ The former is, strictly speaking, a noun.” Seriously, he knows his words and he’ll use those words to get bold and weird (in a good way) with his copy. Fuelled by a love for pasta, shellfish, a good single malt, or a meal consisting of all three, Andrew navigates life with a motto engraved in his heart: “Choose kindness. Always.” It is this guiding principle that has led him to explore the realm of marketing, driven by a desire to connect with people in meaningful ways. As he continues to chase his dreams, one bucket list item stands out above the rest – a pilgrimage to Scotland. With his heart set on adventure and his pen poised for creativity, Andrew’s journey is far from over.

Alex VanHaasteren

Senior Web Developer

Alex is YMC’s Senior Web Developer and, as the title suggests, she is an absolute pro! While she initially started in graphic design – working long and hard to expertly bring concepts to life – she also felt drawn to technology and applying her natural ability to problem solve. Web Development proved the perfect blend of her creative passion and technical savvy.

When Alex is out with friends – including her YMC colleagues – she’s up for Greek cuisine or some good pulled pork BBQ washed down with Diet Coke. Or an Old Fashioned, if the occasion demands. Someday, she hopes to go to Africa on a safari. Hopefully she’ll see a giraffe in the wild, because – as she’s pointed out – its neck is too short to reach the ground!

When she isn’t jamming out to T-Swift, she’s happy to impart some marketing words of wisdom, “Aim to create something unforgettable.” For day-to-day inspiration, she would remind you of two fundamental truths: You decide your happiness, and Ice cream is its own food group—not just a dessert.

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