IRVINE, Calif.-Neil Goldman, senior partner with Member Research, said that while the consumer mindset may have changed, the core principles that drive a CU's success haven't.
"It's about focus, employee experience, member experience, and relevant distinction," he said.
Looking ahead, Goldman said there will be more demand for distinction and unique value from the organization via every delivery channel. "So if your front-line staff are trying to cross sell everything and be everything to everyone, you will not be successful. It gets back to focus. You have to have a unique value that no one else can provide, and work with front-line staff to promote that value."
And staff must be passionate about what they are selling. "It's about employee experience," Goldman said. "They have to be engaged and committed. Now that's hard for them to do if you are making ridiculous demands on them. But when you are helping them help members live a cause or a purpose that's distinct from the competition, people get behind that."
Just as Meyer pointed out how consumers are living simpler lives and emphasizing family values, Goldman said the credit union can benefit by getting back to the basics of business. "Again, it's not trying to be everything to everyone. It's not the fancy plays that win you business. To use a football metaphor, it's not about the Statue of Liberties. It's about blocking and tackling. Many CUs got into doing all these derivatives, crazy investments ...and we forgot about blocking and tackling."
