Windshields Are Bigger Than Rear-View Mirrors For A Reason Hint: Thrive In The Shift. Tectonic Shifts. Socio-Economic Issues Demographic Issues Macro-Economic Issues Geo-Political Issues Fiscal Policy Monetary Policy Technology Advancements.
Can you and your team distinguish between “temporary disruption” and “fundamental change?”
Do you sense a “strategic inflection point” in our industry?
Have you assessed why your successful at growth to date and how to stay on the growth curve?
Are you a “risk-taker” or not?
Do you “leverage your resources” or accumulate them for the benefit of NCUA?
Firms outside of our industry are wielding new technology and as a result are competing with credit unions
Younger markets are more socially conscious & concerned with business’ having a moral obligation to society
The velocity of change is so fast that you can’t wait for things to stabilize
The velocity of change has zero regard for the timing of your planning session.
The consumer has been liberated and is in charge.
Your decisions will be judged in the court of public opinion. You must now consider all those who have no member-centric interest in your business---regulators; watchdogs; the media.
Alchemists: Generates Social Transformation
Strategists: Generates Organizational & Personal Transformation
Experts: Logical & seeks rational efficiency
Achievers: Meets the goals set by strategies
Cable TV Providers
Have a clear vision for what you’re aiming for
Check your mission:
Hint: It’s not about cameras & camera mounts
Mission Statements need a once-over
Service & knowledge (Big Data) came together to form experience
Positive experiences creates strong emotional quotient
Brand strengthens & Company “thrives in the shift”
Culture is more important than product. If you take care of your people, profit will come.
You must care …….
People don’t love companies, they love products & people that create experience.
You must be honest, humble, empathetic & show responsiveness to their needs.
Why are we doing this?
What do people really care about?
How might we ____________?
What if we did it this way?
What if our DQ & Charge-offs were higher but so were our earnings?
Why can’t checking accounts be ordered like burgers?
What if we could map the DNA of music? (Pandora)
Why can’t everyone accept credit cards? (Square)
Why are football players not urinating more? (Gatorade)
Why can the unbanked not receive better pricing? (RedDough)
Why can’t I get a loan? (Lending Club)
How come I can’t get funding for my idea? (Crowdsource)
Why do we have to wait for our pictures? (Digital)
Why do I have to get out of my car for a loan? (Drive-Thru Lending)
What if gas prices & the environment become problems? (Tesla)
Care & Listen
Determine if what you’ve heard is a “temporary disruption” or a “fundamental change.”
Is this “clutter” or are we in the midst of a “strategic inflection point?”
You need to understand the difference between temporary disruption and fundamental change
You need to take short-term hits to performance to gain long-term advantage
You need tools and analytics
You need organizational protocol
Have a brain and a soul
Maintain your mission, reputation and your people
Blend capitalism with activism
Have perceptual acuity
Think through first order, second order, third order consequences
Be part tactician, part psychologist, part riverboat gambler
You are “Essential & Significant” in peoples lives by solving their problems, their habits, & their needs. Compliment their daily lives. Ask Questions!
You are “Unique” & have a differentiator that matters.
You have great people doing great things.
Big investments in old systems prevent the pursuit of fresher, more relative investments
Leaders fixate on what made them successful and fail to notice what is new…and that new is displacing them
Don’t just focus on the marketplace…anticipate the future
What “you’re really good at” was your differentiator and now it is the “ol’ ball & chain.”
You know the worn out line… “the way we’ve always done it.”
If you say… “but we’re really good at it…”
You may have a problem…
Somebody thought that the idea of handing hamburgers out of a window was stupid.
“How do you spread something good from the few to the many – or from those with to those without.”
The meaning of a successful Co-op!
Leverage Your Resources…
Public, Private and Philanthropic Opportunities
Have A Great Day?