Evolution is Key to CU Survival
Joe Sullivan, CEO of Market Insights, has a simple message for credit unions--evolve or die.
At the CUNA Mutual Group's Discovery conference, Sullivan shared that it is time to stop the recycling of ideas and get back to the basics of finding out what members want and expect now and what your credit union can do about it.
"Ask yourself, are we really evolving or just buying time until the recession passes so we can get back to business as usual?" Sullivan said. "Consumer expectations have changed. It's time to get out of our own way and stop doing things the way they've always been done and do what needs to be done."
To evolve strategically, Sullivan says credit unions must know their market, know their members, think like consumers, look both inside and outside the industry and focus on relevance.
"Evolving is constant and consistent, it's not 'I just got a new website.' Make feedback and engagement a part of your culture. If you don't evolve you become irrelevant," Sullivan said. "If you haven't really talked to your members in the last six-12 months, you don't know them. Ask members what they value and what they want from you."