Summit Credit Union

Summit Credit Union

Summit Credit Union, then based in Madison, United States, was founded in 1935. The credit union later moved the headquarters to Cottage Grove, a village outside Maddison, in 2019. Currently, the credit union has forty-four locations throughout the United States. Currently, the credit uninion has approximately 260.169 million marjet cap. Assests under management by the Summit Credit Union is estimated to be just above $4.3 dollars this year. It offers saving services for its clients and checking accounts, loans and investments, online banking, insurance, credit, and debit cards, among other services. CEO of the Summit Credit Union, Kim Sponem have done an excellent job for the eighteen years he has been the CEO, and now it is one of the leading credit union in the states (Summit Credit Union, 2020)..

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Strengths and weaknesses

Strengths

  • Trust from the members

Credit union heavily depends on the members who help in building it by investing in it. If the members trust the bank well enough, they will invest more in the bank, which is advantageous to the bank. The funds are used to offer loans and credit to the clients.

  • It is a non-profit organization

Summit Credit Union is a non-profit organization, which means that all the profit made is divided among the bank members. It eliminates the risks that come from the need to makeprofits. The need to make a profit can be a priority tocustomers’ satisfaction at the end might result in their clients’ loss.

 

Weaknesses

  • Restrictions on membership

Membership of most credit unions is restricted to a particular group, and Summit Credit Union is no exception. The restriction makes it unfair for other members and limits the expansion of the firm as well. It prevents the credit union from expanding and growing because they continuously reject interests from other customers who are willing to become union members.

Opportunity and threats

Opportunity

Summit Credit Unionhas just renewed the credit scores. This has presented the firm with other opportunities considering all the offers that come with the rejuvenated credits. The firm can offer higher credit limits to its clients and enough time to see this capital and pay them back with their interests in time.

Small and medium-sized organizations that the business lends to offers Summit Credit Union a good market. Thesebusinesses are highly likely to expand. Since it is a challenge for smaller companies to acquire loans, the credit union can benefit from these by getting many small businesses in need of loans.

Threats

The threat that comes along with this opportunity is when things start to get out of control. When a credit union starts to expand and increases its loan offers, it exposes itself to other risks. Some of these risks are the failure of some of these clients to pay back their loans.

  • Competition

Competition is one of the leading threats to the Summit Credit Union. Credit unions exist in a competitive business environment dominated by commercial and other banks. Large banking corporations’ existence threatens Summit Credit Union and its ability to provide small loans and fees to corporations. Also, there are small credit unions like Service Credit Union, Langley Federal Credit Union, America’s First Federal Credit Union, SAFE Federal Credit Union, and others that present a steep competition for Summit Credit Union. The credit union cannot apply high interest for their loans because it will make their clients take offers from other banks.  They are therefore forced to lower their interest rates to maintain their clients instead.

Methods of needs assessment

  1. Observation

My first assessment method is to observe all the activities, strategies, and the firm’s goal. Making my analysis from first-hand information will help me come with unbiased information about the credit union. The managers will be trained to get out of their comfort zone and inspect their employees. Inspection is essential in correcting mistakes on sights saving on both time and resources. Observation will help the management obtain all the information on the performance gap and all possible weaknesses that need improvement (Brown, 2002). When observing, one needs to be keen and pay attention to all the details. Theobservation’s technical, behavioral, and functional aspects are needed to identify all the strengths, weaknesses, opportunities, and threats.

  1. Interviews

Unlike observation, interviews give more information about individual opinions (Noe, 2013). Therefore, after implementing the observation technique, I will conduct an interview.  When well conducted, interviews will provide me with useful information on the Summit Credit Union gaps. Even though the training method is time-consuming, and the data collected is large, more time for analysis, the information obtained is useful. Eachmember’s opinion from their experience working for the organization can help identify and solve many company issues. One of the advantages of interviews is that it is easier to convince employees to give information anonymously. However, for a successful interview, the person conducting it needs to be well trained and experienced to utilize the technique to get the results needed.

Conclusion

Recommendations made to the credit unions need to be those that will make use of the strengths and opportunities. They should also focus on eliminating the weakness and threats the company faces both internally and externally. The company are in a better position to convince the members to invest more in the company. Therefore, management can consider convincing them to invest more. The company can also best its competitors by making more luring interest options to the clients. It is also advisable to advise the management to be more cautious when expanding to avoid facing unanticipated challenges.

 

 

 

 

 

 

 

 

 

 

 

 

 

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