LAS VEGAS — There are lessons the credit union industry can learn from just one young monkey who made the decision to break away from tradition and ended up changing habits, NACUSO President/CEO Tom Davis shared this morning.
Davis told the story of a research project that involved introducing monkeys to sweet potatoes. Helicopters dropped the foreign food down onto a sandy beach inhabited by monkeys. The monkeys did not like the sweet potatoes because of their sandy taste. One monkey decided to take her vegetable to a nearby creek to wash the sand off so that she could eat it. She then taught the younger monkeys how to do this with the older monkeys following their lead.
The lesson?
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"If enough people collaborated, everyone can do it," Davis said. "You can be that 100th monkey. You can tip the scale. We really need to promote the sense of urgency to get things done."
Davis has been a no-nonsense advocate of innovation and collaboration within the credit union industry saying doing so can create economies of scale. If all credit unions participated in shared branching, for instance, they would have 8,000 branches compared to the 5,700 branches for Bank of America and Wells Fargo combined.
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