Members feeling stressed? They're not alone.
Money is stressful, says Robert James Lay, founder and CEO of the Digital Growth Institute, digital marketing advisors for financial institutions. He noted 70 percent of Americans report feeling financial stress.
“They are looking for someone to guide them beyond stress to a bigger, brighter future,” he said. “The way people shop for loans is vastly different from 5, 10, 20 years ago. At the Digital Growth Institute we are seeing Digital Darwinism – extinction events across every single vertical by companies that did not adapt.”
The names of the deceased are familiar: Blockbuster, Kodak, Toys R Us. According to Lay, they all practiced “digital denial,” meaning the leaders of these companies believed their brand would continue to thrive despite changes. He said CU leaders need to be mindful of three fears that will kill them: fear of the unknown, which can be overcome by understanding the opportunities in digital, fear of change (“develop a digital strategy” he offered), and fear of failure.
“Digital growth is achieved by developing a mindset of understanding and embracing change,” he declared. “Changing alone is a struggle. You have to hold each other accountable, and hold your teams accountable. Have authenticity. Know you are changing for good, especially if you put people at the front of all that you do. You do all this, I guarantee you you will grow.”