Blue Ocean
The Blue Ocean team analyzes 3 things. Name one.
1. The financial industry landscape
2. Existing and potential membership wants/needs
3. The credit union's core competencies
What are our Core Products?
1. Auto
2. Visa
3. Real Estate
4. Checking
What percentage of members who use PALM fund their auto loan with the Credit Union?
95%
Why do we have to sell the vast majority of new first mortgage loan production?
To manage the size of the balance sheet and our Net Worth ratio.
What % of members surveyed consider us their PFI?
53%
How long has the Journey to Conquer the Blue Ocean been used?
Over 10 years
What is our Net Monthly growth goal for VISA?
$863,000
What is the as low as member appreciation auto loan interest rate?
2.49%
In the first 6 months of 2021, how much have we funded in Real Estate loans?
$130mm
What is our projected Net Worth Ratio for 2021?
7.84%
Name 3 of the 5 business concepts/theories used to determine the Blue Ocean strategy
1. Porter's 5 Forces
2. Porter's Bucket
3. 7S Model
4. 3Es Trap
5. Blue Ocean Theory
Which loan portfolio is forecasted to finish 2021 at $136mm in balances?
Real Estate
in 2021, PALM offered members a new way to communicate through...?
Zoom
The Real Estate portfolio is projected to finish 2021 with how much in balances?
$136mm
What is the Credit Union's Vision Statement
The First Financial Credit union will be the educational Credit Union the best helps members achieve their financial dreams and will be a diverse, equitable, inclusive and rewarding place of employment.
The Journey to Conquer the Blue Ocean is designed to do what?
Make the competition irrelevant
How do we get the majority of new Checking Accounts?
New Memberships
The auto loan portfolio had a runoff of what percentage in 2020?
11.8%
What is the net monthly growth goal for Real Estate Loans?
$2.25mm
What is the anticipated financial gain from the sale of the West Covina Corporate Center?
$7mm
In 2020 & 2021 what is the credit union's primary path to make money?
Process Mortgage loans and sell them to the secondary market.
If the loan growth plan is successful, 2024 loan income will grow to?
$25.5mm
What is the net monthly growth goal for Auto Loans?
$1.5mm
What is the combined income from interest income and sale fees?
$13.1mm
What 3 key considerations were the foundation of the financial plan?
1. Balance Sheet size
2. Growth of our New Worth ratio
3. Maximizing Income