In many evolving industries you will often hear the phrase “but that’s what we’ve always done” in response to why businesses operate in the way that they do. There’s nothing wrong with the way that things have been done in the past but as a market evolves, we need to think about the way that we’re working.
Sometimes, we need to move out of our comfort zone to achieve the best results. Many in the credit union industry are looking to become more digitally aware and innovate with technology. This is promising for the sector, but all credit unions need to take notice and think about collectively evolving the movement.
Changing a mindset can be hard but it’s a process that you can work on. When you sit back and look at your credit union you should think about the following:
How is it performing?
What are your member retention figures?
How many members are you attracting in each year?
Will your current business model be sustainable in the future?
These questions will help you to establish whether you need to change your mindset or not. If you find that you're not performing as well as you would like to, then it could be time to evaluate the way that you think and work. To do this, you will need to take a deeper look into your credit union. Here are some ways that you can evaluate further:
When you think about how you and your staff work, consider whether you do things because it’s the quickest and most efficient way of doing things or because it’s what you’ve always done them.
Are you flexible in your decision making?
Do you consider using new technologies?
Often, credit unions are scared to make big changes because of the fear of the unknown. Being comfortable in your ways can work well for a time but it’s important to pay attention to what’s happening in the industry around you.
By creating an environment in your credit union where new ideas and perspectives are welcomed, you will have a culture that is focused on growth and development. It’s important to put some focus on the credit union difference and let your employees feel like they’re making that difference.
Thinking about your credit union from your members’ perspectives can help you focus on what you need to improve on.
What does the customer journey look like?
Are you online and mobile-friendly?
Do you offer easy to access services?
These are just some of the questions you could consider when evaluating your member experience. Considering this point of view can help you think about things in a different way. Another way to help you with this is to think about what you would want from your credit union. What services would you be expecting as soon as you join?
Your suppliers will usually be up to date with all of the latest trends and technologies. They can help you understand what you need and why. Suppliers will often have a solution to a problem you never even knew you had, so it’s important to keep talking to them. You want your credit union to operate well into the future and external suppliers often have products that can help you grow and achieve your goals quickly and more efficiently. Look at your current suppliers but also look at who others in the sector are using and reach out to them for a conversation. You never know the different ways of thinking that will help you transform your credit union.
It can be hard to change the mindset of your credit union, as it is for any institution who has operated in a certain way for many years. However, if the change you are looking at is going to benefit you in the long-term it’s worth looking at, especially if others in the industry are innovating and moving forward.