Friday, February 2, 2024

SECU: Consider This - Chapter 9: Is Creating A Unicorn Possible?

😎 Seems to be a little dissension  [comments!] in the ranks, we better get back to business...

  We have acknowledged the "Kleenex dilemma" [see Chapter 3 link] - that most folks view a credit union as just a "generic bank". That is a tremendous problem. Why? Because being considered a "bank" means the credit union is being identified in the members' eyes by what it does - checking, savings, loans, branches, ATMs, mobile app - the similar services, not why it is different. 

If credit unions can't change that member perception, then credit unions will eventually "lose out" to bank competitors. How so? As we discussed [see Chapter 7], by definition "a non-profit bank"  (i.e. a credit union) is a second rate, "half-a" bank; because we know "the why" for banks is profit! (... and folks, they are really good at it!)

  How would you demonstrate to members that a credit union is different? 

 ✅ For your credit union unicorn, as with any business, you might want to start by answering these 4 important questions:

  1. What do members want?
  2. Can you deliver what the members want?
  3. How will you measure success or failure?
  4. What image do you want to leave in the member's mind?

As a word of encouragement; although creating a unicorn is a difficult task when "bank" is the generic word for the category and most of the members can't tell the difference, there is clearly an excellent opportunity to succeed.

What is that opportunity? Well, what are you up against?  Is there a weakness, an opening, a gambit, a niche? Give it some thought....

For example, how do members and consumers most often view a bank? After all, why is it that they call them...

SECU Year End 2023 Financials: "Managing The Numbers"


... Can't miss!