LAS VEGAS -- As industries evolve in the social media and international realms, credit unions that cling to the traditional methods of doing businesses may get left behind, said Pepperdine University Professor Gary Mangiofico.
Speaking at NACUSO's annual conference April 26, Mangiofico shared his perspectives on holding on to models that some may think are the right ones but are in fact irrelevant.
"Entire industries have been lost because of their inability to see," said Mangiofico, who serves as academic director and practitioner faculty of organizational theory and management at Pepperdine.
The historical approach can be seen in companies that may have single-source dominance, meaning "you own it, you control it," he said. That approach has come back to cripple firms like Goldman Sachs and Enron. The future approach is going after opportunity share or finding ways to compete. "There is no empirical evidence that people are resistant to change," Mangiofico said. "What they are resistant to is what the changes will bring." He did acknowledge that the lack of trust is the number one challenge that hinders collaboration. Credit unions can look at an entity's motivation to determine if they should be worried about a hidden agenda, he noted.