It’s been a pleasure working with the staff, management, and elected officials at SF Fire Credit Union as interim CEO. After spending the summer familiarizing myself with the organization, I’ve had the opportunity to see first-hand how this Credit Union earned its reputation within the industry for delivering exceptional service to create a fiercely loyal membership. I’m pleased to provide that membership with an update on the state of their Credit Union. I’ll offer my insight regarding our financials, significant summer projects, what’s in store for the remainder of the year, and a glimpse of our plans for 2017.
Strong Financial Position
SF Fire Credit Union continues to maintain a strong financial position. Profitability is a key to the success of any credit union, including our own, as Net Income is the only manner by which we can increase our Capital Reserves. 2016 has been a good year thus far, with Capital Reserves increasing by over $5.9 million for a total of $95.5 million.
Significant Summer Projects
It was a busy summer at SF Fire Credit Union, with time and resources spent on infrastructure projects designed to improve upon system performance, or to prepare us for the launch of upcoming endeavors. We performed significant upgrades to our core operating system, to improve the performance of our current Online and Mobile Banking platforms while their replacement systems are developed. We also completed the testing and systems preparation required for the launch of EMV debit cards, which begin production soon.
Remainder of 2016
We’ll be focusing our energy on several large scale projects for the remainder of 2016, both of which we know have been highly anticipated by members. First, is to continue work on the development of new Online and Mobile Banking platforms. We’ve made a strategic decision to move away from utilizing in-house developed systems, and will be partnering with an established Online and Mobile Banking provider for our new platforms. Our objective is to provide class leading features (such as two-factor & biometric authentication, integrated personal finance management tools, account aggregation with other financial institutions, and enhanced card controls) along with a heightened level of technical and maintenance support for the Credit Union. Second, will be the launch of EMV debit card production which begins in early October. The reissue of EMV debit cards will systematically ramp-up over the course of the coming months, as we do not have the capacity to reissue all of our debit cards at one time.
Looking Ahead to 2017
I expect the highlights of next year to include the launch of new Online and Mobile Banking systems, and the introduction of Android Pay. We expect Online and Mobile Banking to launch during the summer months (June, July, or August), and will provide members with an update when the timeline has been finalized by our provider. In regards to Android Pay, we’re optimistic for introduction in early 2017. We’re awaiting confirmation from our card processing partners, and will share that information as soon as it’s available.
The New Year will also bring a new, permanent CEO to SF Fire Credit Union. I have full faith and confidence that the Board of Directors will select an individual well suited for the organization, and look forward to assisting that person assume their new position.