Socially-Distanced Marketing, Strategy, and The Force

Tag: passion

It’s not Digital Transformation. It’s Transformation.

Originally published on CUInsight.com

Would this intro keep you reading?

This article will help your credit union advance their progress on digital transformation.

Yeah, probably not. In fact, I bet I lost some of you just with the implication. Doesn’t say much for my last post on digital transformation, eh? Oh well, perhaps you can share with them what they missed.

5 Years in 8 Months

We talk a lot about digital transformation. I get it. It’s something I’ve tried to keep top of mind for over a decade. And the need continues. Especially now.

You already recognize that 2020 moved us 5 years forward in digital expectations. Or 3. Or 10. The number doesn’t really matter. What’s important is that if you were lagging in December, you’re way behind today.

Transformation Loading Window

Are you stepping up to the challenge? Every credit union I speak to or work with is with a passion. They’re taking new member expectations seriously. The transition from branch-focused to ITM, app, and touchless tech is rapid.

So why does the title say it’s not about digital transformation?

Because it isn’t. Digital adaptation is just the most visible component. The rest is harder, but more important to your survival long-term. And yet, it’s what credit unions, at their core, should be best at achieving.

It’s the Mission, Everywhere

You already know all this. I’m just here to assemble it into a single section. To make it easy for reference…and inspiration (I hope!).

Consider this one geek’s manifesto to what he hopes our industry can become. Scratch that, what he knows our industry can become.

Credit unions claim to be a unique form of financial cooperative. Not-for-profit, member-owned, community-focused…you know the rest. So why do most people see it as just another bank?

To be clear, I’m not looking for a new “Open Your Eyes” campaign. I’m challenging you to be what that promotion says you are.

Over two years ago, I wrote a series of articles about the Credit Union Which Could Be. Immediately followed by Member Relationships Which Could Be, it challenged you to imagine, then make real, the best version of you.

So let’s take it to the next level, together.

The Credit Union That Should Be

Astronaut with American Flag on Moon
Think of this like your “moonshot”. And you already have the rocket.

We spent a lot of energy on what could be. After what we’ve seen economically and socially, it’s time to focus on what we should be. For everyone.

  • Making the credit union a place someone wants to work (props to a forgotten post on LinkedIn calling for CUs to become the “cool” new workplace opportunities). To build a career. To help others.
  • Standing up for the oppressed in society, both socially and financially.
  • Living the mission, whether in daily operation, hiring practices, or lobbying.
  • Lobbying. Yes, really. By supporting candidates who are good for members (ie. people), even if they still have more to learn about your regulatory goals.
    • That means not endorsing everyone who pledges to vote “no on CU taxation”.
  • Standing up against predatory lenders, and supporting policies to improve financial wellness, even if those affected aren’t your members. Because 1) they could be and 2) your mission doesn’t exclude people.
  • Providing innovative and traditional services through digital channels, while making your priority be authentic connections. Human to human. Whether it’s through Zoom, a plexiglass divider, or back in the world of “normality”.
  • Understand you are more than a place for people’s money. More than the “cheaper bank”. To be the institution for which people are proud to display their card. And on that point, give them awesome card options!
  • To do all this because they’re the right things to do, not because they may make the institution bigger or more powerful. Because when your shareholders are also members, your decisions must always benefit them.
  • Bring that obsession with societal benefit and inclusion into your core operation.
  • To expand financial access to those who thought they never had a choice…or the option. Because you know financial security raises communities.
  • Taking advantage of digital schooling to contribute your own financial literacy efforts straight into their “classroom”. By getting staff involved, because the human connection is essential.
    • Because when young people understand money, they can make better decisions that help them and others for a lifetime.

Normal Is Anything But

Butterflies Emerging from Crysalis
Change can be a good thing.

If 2020 has taught us anything, it’s that you can’t take normal for granted. And sometimes, normal for you is awful for someone else. So we listen, learn, and change.

Because change is inevitable…and sometimes rapid.

The Community That Should Be

The great thing about being part of the credit union industry is that so much of what’s being asked of companies, governments, and people is already part of your mission.

To drive for inclusivity isn’t changing what you believe. It’s just being specific in achieving that goal.

To expand financial literacy, assistance, and long-term policies are all core to the cooperative principles.

As you look at the challenges in society, and the challenges within your own institution, it becomes apparent that the credit union which should be is also the community we want to become.

So get loud. Get active. Share your mission. Make it clear that your goals are society’s goals. Heck, for over two decades, this industry has taken real action to recognize that Black Lives Matter and address inequities in financial access.

The credit union movement was built by women. Yes, all the way back to that special day in Estes Park!

And credit unions work to ensure that who you are and who you love has no impact on your ability to enjoy all possible financial opportunities.

So Is Transformation Just Being True?

Handshake with Cooperation Words

We began this discussion thinking about how transformation was more than just digital. Yet now, it appears we came full circle. What makes credit unions special is that they’ve already made so much of this transformation.

Now it’s time to be authentic to your roots. Spread the word. Listen. And learn.

You know credit unions really are special. From MSR to collections agent to CFO, the mission needs to be top of mind and actionable at every level.

People love working for Apple, Patagonia, or REI (the largest cooperative) because of the culture and how they feel a part of contributing special things to the world. Your credit union is no different.

Be true to your mission and you’ll always be on the right side of history. Plus, you may just become known as the “cool bank” who treats people right.

Giving Back Has ROI, Too

Originally published on CUInsight.com

Does your credit union give back? That’s a silly question. But does your community support program intricately tie in with member engagement?

A friend of mine used to work for the local chapter of the American Heart Association. After a few years there, she started her own company. It brings non-profits together with companies whose mission aligned with theirs. Essentially, she is a charity to corporate matchmaker.

At first glance, this seems pretty simple. Find company with money (usually through a foundation), bring together with non-profit which needs money. Now pay me a small consultant fee. Not so fast. It turns out, companies started looking at their give back campaigns differently. Instead of just “doing a good thing”, they wanted said good thing to do more. If we’re spending money, the thought process goes, why not have it improve employee satisfaction? Or serve as cause-based marketing to our current and prospective clientele? And charities began to have the same thoughts.

Just as two random single people are not necessarily a good match, the same goes between companies and charities. My friend learns about the core mission and motivations of every client before recommending a pairing. That way, everyone is more engaged, supportive, and excited about the alignment.

Take your credit union. Say you offer a need-based mortgage assistance program. Partnering with a pet rescue charity is fine. Woof. Meow. But imagine if you aligned with a non-profit which helps place struggling and displaced families into low-cost and subsidized housing? Their mission and that of your credit union are the same. You’re a match. And it shows with staff who are excited to volunteer and talk about it to their members (who are then encouraged to help where they can). Heck, some of those members might even be beneficiaries of the charity. Think of the legen-wait for it-dary social media campaign you could set up. So much good can be done for so many, and your credit union can grow in the process. I think it’s safe to say all the families helped by the charity would become members of your credit union. And based on how you treat them like family, they’re not likely to leave. In fact, they’ll probably tell their friends and family about you.

When you get out of the daily grind and remember why you exist, these types of alliances seem so obvious. And it can give your entire team the motivation to serve at their peak abilities. Giving back really does have an ROI.

Since this post is already too long, a future one will dive into some stories of credit unions following this path. Spoiler: Their staff and members love it. So does the bottom line.

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