In high school, the varsity basketball team I played on didn’t have a ton of height. What we did have, however, was a tremendous amount of talent at the guard positions, and almost everyone on the team was at least fairly fast and quick. So what did we do? We played run-and-gun, press-for-four-quarters, adjust-on-the-fly basketball. We used what many teams would have seen as a disadvantage as an advantage. As credit unions, it’s imperative that we do the same.
If you think about it, as the business world (and the world at large, for that matter) continues to speed up, it would seem that as credit unions, we have an advantage over larger financial institutions in that we can adjust more quickly to the ever-changing financial and economic environment. If we ignore this advantage, we do so to our own detriment.
Credit unions should be ahead of the curve in regards to utilizing technology to improve members’ banking experiences. We should be ahead of the curve in regards to embracing and cultivating healthy, unique organizational cultures. The time it takes for a product or service to go from inception to implementation should be far less for credit unions than larger financial institutions. Credit Unions should be able to provide a much higher level of products and services that are customized to their individual memberships. Credit unions’ training and development departments should be able to drop and deploy quickly with progressive, innovative development initiatives.
So why do we see the opposite as often as we do? Why do we see credit unions that have a difficult time embracing and driving change? Why don’t we see more credit unions taking advantage of their size in such a way that allows them to be agile, nimble competitors in the financial services market?