LAS VEGAS — One young monkey that decided to break away from the pack initiated a paradigm shift that may serve as a lesson for the credit union industry.
NACUSO President/CEO Tom Davis told the story of a research project that involved introducing sweet potatoes to monkeys–a food never consumed by this particular group of primates. Helicopters dropped the foreign food down onto a sandy beach inhabited by monkeys. The monkeys did not like the sweet potatoes because the sand stuck to them. 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 that 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.
"There is something profound about reaching critical mass," Davis said, adding change has to come to the industry soon. "When people have a financial need, credit unions often aren't considered."
One number bandied about during the first day of the NACUSO conference was 47–the age of the average member. Davis said the issues are bigger than numerical age.
"An industry ages because it quits pursing an ideal," he explained. "What is our ideal? Are we transforming the credit union industry? The question is 'Am I ready , willing and able to accept the challenge'" of change?
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