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Four Ways Your Credit Union Can Use Blogging

Tuesday, November 27th, 2012

We live in an age where everyone is deluged with information every minute of every day.  We are so overloaded with marketing messages, sales offers, e-mails, tweets, Facebook posts, and Yelp! reviews that it is often a challenge to know what to pay attention to and what to ignore.

The result is that your members, your employees, and everyone else you are trying to reach is often left struggling to find the information that they need.  They live in a world where searching, i.e., Googling, has become a way of life and the key approach they use to find information.

And that has significant implications for everything that you do to communicate.

E-mails that are responded to and sent to everyone on the team are having less and less impact as they require too much effort on the part of the recipient to figure out the real message.  Printed documents that provide too many details tend to be ignored or pushed aside to be reviewed later. The desire for a direct, immediate, and accessible answer to the question of the moment has never been higher.

Enter the blog.

What started as a tool for sharing personal insights, ideas, and opinions can be a very powerful solution to your communication challenges.

Here are four ways your credit union can use blogging to increase your effectiveness in communicating:

  1. Connecting with Members–A member facing blog can be a great way to share updates with members in a way that makes the information easily accessible, not just at the moment the information is posted, but in the future when the member needs it.  You can add a human touch to your credit union by sharing information about the ways that the credit union impacts the lives of your members, and in the process you will earn the right to secure additional business.
  2. Celebrating Team Success–Few things have more impact on your culture than capturing and sharing success stories.  A blog can be a quick and easy way to do this, and it makes the process accessible to the entire team.  Creating a place where everyone in the credit union can catch someone doing something right and share it is powerful.  It keeps the focus on the member experience and rewards the team for the great work they do, while also providing a chance to share and learn from the things that  didn’t go as well as intended.
  3. Educating Members–Teachable moments are the key to educating members, and that requires connecting the lesson to the problem the member is currently experiencing.  A blog can be a great way to do this as it provides a quick reference for members and a place where they can learn about the things they are interested in at any moment in time on their own schedule.  Connecting the educational messages to the products and services that your credit union offers that will solve their problems will deepen your connection with them and increase the amount of business they do with you.
  4. Documenting Processes–Updating processes and procedures is a very real and significant challenge for credit unions today.  Documentation needs to be updated regularly, sometimes in major ways and often in minor ways.  But capturing the attention of someone who is not dealing with a specific process at the moment it is changed can be difficult.  A blog can solve this by providing a place where all processes and procedures are updated and everything is connected in an easy to reference, searchable location that is accessible only to the team.

ACTION ADVICE:  Engage your leadership team in a discussion of how your credit union can use blogging to improve communications within your credit union and with your members.  Define an action plan and get started as soon as possible.  Don’t fret over the details and the rules–just use the tool to help you deliver critical messages in a way that makes them searchable and puts them within easy reach of those who need to receive them.  And don’t forget to let others in on the conversation.  At a minimum, make a commitment to monitor a handful of blogs across the next several weeks to familiarize yourself with the powerful potential of this tool.

IT’S YOUR TURN:  How has your credit union (or others you are aware of) used blogging?  How could you use it to increase your impact and effectiveness?  Please post your insights and contribute to the conversation.

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Posted in Business Development, Connecting with Generation Y, Connecting with Traditional Members, Creative Ideas, Growing Your Credit Union, High Performance Culture Building, Improving Organizational Effectiveness, Improving Personal Effectiveness, Increasing Efficiency, Team Building Ideas, Tips for Leaders | No Comments »

7 Words to Omit from Your 2013 Action Plan

Friday, November 2nd, 2012

It’s that time again.

The ideas have been shared, the options have been discussed, the critical decisions have been made, and the planning session is coming to an end.

Everyone agrees on what needs to be done and all that remains is naming the strategic initiatives and defining the action steps, the responsibilities, and the timelines.

It is almost time to celebrate, return home, and implement the plan.

But wait…there’s a problem.

The discussion about what to do stalls as action items are identified and those 7 dreaded words appear once again…

  1. Evaluate…as in taking a look at undefined or unconsidered alternatives in the hope that we will surface a guide map to where we want to go;
  2. Investigate…code for the need to learn more about things we should already know more about (or should have studied before the planning session or at some point during the past year);
  3. Consider…which really means that we did not finish our discussion because we didn’t push hard enough to make a real decision or didn’t make the effort to confront the difficult realities, so we are agreeing to invest more time in the year ahead talking about it (and probably still not deciding);
  4. Examine…code for doing something similar to but more restrictive than investigating because it tends to be accompanied by more specific items and directions with regard to what we will actually do to learn more about whatever it is we are examining;
  5. Explore…an option that gives the responsible party the most possible latitude because it means they are free look around at things that might have some relevance to the area of the plan that the action step supports;
  6. Pursue…a rather cryptic of implying that we know where we are going and that we just need to chase the outcome like a law enforcement officer chases a suspect whom they believe just saw commit a crime; and/or
  7. Identify…an admission that we really don’t know what to do in this area so we plan to create a list that we can review at the next planning session and then we will make a decision.

OK, by now (I hope) you know that this is being written a bit tongue-in-cheek, because the reality is that these words often fit and are in fact used in strategic initiatives and action steps. In fact, I have used them with my clients in the past few weeks.

But if you are going to us them (and this is the point of this post) you need to make sure that they are connected to specific measurable outcomes and that your success is measured not merely by completion of the process, but rather by achieving the target result from the effort.  Then and only then will you be truly implementing your plan.

Stated more directly:  Choose the words you use in your action plan with care and be specific about what you really want to occur as a result of taking each action step.  Define clear outcomes that can be tracked, measured, and reported upon during they year ahead, and take care to keep every action step actionable.

ACTION AVICE:  So what do you think? Do you have any words you would add to the list? Any suggestions on how to ensure better results from the action planning phase of your next planning session? Please share your comments and help your colleagues take their strategic planning efforts to the next level!

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Posted in Creative Ideas, Credit Union Strategy, Growing Your Credit Union, Strategic Planning, Strategic Thinking, Tips for Leaders | No Comments »

STRATEGY WARNING: It’s Too Late to Enter The Payment Systems War

Thursday, October 25th, 2012

There’s lots of talk today about the payment systems war and its impacts for the credit union industry. It is real, it is happening, and it will change the way payments are processed; and that will impact the revenues that credit unions realize from payment processing.

In light of this many argue (including this author) that credit unions should be monitoring what is happening closely and looking for ways to be involved in the game changing solution that will inevitably emerge in the coming months and evolve in the years ahead.

And in fact they should, but…

The reality is that it is probably already too late for credit unions to enter the payment systems war, and based on the way genuine innovation occurs, it is doubtful that any of the current players in financial services will be the winner of this war.

That’s not to suggest it is not important or that there will not be solutions that emerge and create new opportunities for credit unions. In fact there is a very high likelihood that credit unions can leverage their cooperative nature to foster and facilitate the adoption of new payment solutions that serve the needs of their members.

But when one looks back at the true game changing innovations in business there is a key historical fact that needs to be remembered: Game changing, disruptive innovation seldom comes from players within the industry, especially in mature industries like today’s financial services industry.

True game changing innovations are brought to industries by outsiders and entrepreneurs who see an opportunity and discover a truly new way to do something–whether it be adapting a technology or methodology from another industry, or simply seeing a different way to do things because they ask different questions and are not bogged down by all the reasons it can’t work that come quickly to the minds of those who have lived in the industry for a while.

So what are credit unions to do?

Are they simply supposed to sit on the sidelines and watch some innovator change a key component of their business model that connects them to their members AND generates revenues? My answer would be an emphatic “NO!”

Here’s what they should do:

1. Pay close attention to the developments occurring in the payments systems war and look for ways to partner that allow them to leverage their member relationships to facilitate testing, adoption, and enhancement of emerging payment tools.

2. Flip the question around and think about the value proposition behind payment systems to define your next strategic step. It will be helpful to recall the classic illustration from basic sales training: No one who bought a drill really wanted a drill, they wanted a hole. Credit union members don’t want (and never did) a payment system, they want a safe, secure, and convenient way to acquire things they need and want, and they want their data protected when they conduct transactions whenever and wherever it was convenient for them using whatever system they have to in order to gain access to the products and services they wanted to purchase (and they still do, now more than ever).

3. Recognize the very real impact of the revenues you currently receive from payment processing and explore options for replacing those revenues when the game changer gains enough traction to change your bottom line. The bottom line, from my perspective is that several game changing innovations are already far beyond the idea phase–they are being tested, adopted, and implemented. As they evolve there will be opportunities for partnering (such as the recent Starbucks-Square relationship), and there will be consolidation and a narrowing of the choices. Then the game will continue and more innovations will be introduced.

Credit unions are uniquely positioned to be a part of this, but not because they can or should create new payment systems, and not even because they can create collaborations that connect the creators of these new payment tools to the consumers who need and want them. Credit unions are positioned for success because they understand the needs of their members and when they dig deep and really look at what the member is seeking they’ll recognize that it is not now (and never was) about the tools. It’s always been about safe, secure, and convenient solutions for members.

ACTION ADVICE:  The challenge here is changing perspective–stop thinking about the drill and become an expert in delivering the holes your members need before they know they want them–how can you leverage your people, systems, location, and other assets to change the game for your members? OK, it’s your turn…what do you think?

Please post a comment and contribute to the conversation.

NOTE: This post was influenced by my reading of Editor Marc Hochstein’s article in American Banker entitled “SWIFT Reimagines Banks’ Role in Commerce for a Data-Driven Future.” It’s a MUST READ for every credit union leader, Board member, and volunteer and should be required reading before your upcoming planning session (and probably every month for the next year to stimulate your thinking about the future of banking).

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Posted in Credit Union Strategy, Growing Your Credit Union, Leveraging Technology, Strategic Planning, Strategic Thinking | No Comments »

Five Important Realities About Culture

Thursday, October 11th, 2012

Culture matters more than ever for today’s credit unions, and it is important for credit union leaders to invest in defining, building, and sustaining the desired culture rather than just letting it evolve on its own.

Here are five key realities to consider as you look to strengthen your culture:

Culture Reality #1–You cannot effectively pursue your strategy and expect to achieve your vision unless your culture supports the behaviors that will drive the right results.

Culture Reality #2–People cannot live a culture they do not know or understand–if you haven’t defined it clearly, communicated it widely, and committed to living it daily, then it will evolve on its own in directions that are unlikely to support success.

Culture Reality #3–Culture permeates every aspect of the your organization and must be consciously managed and incorporated into job descriptions, performance evaluations, and daily conversations.

Culture Reality #4–Simple wins when it comes to defining culture–fewer words, clear meanings, and memorability matter.

Culture Reality #5–If there is a lot of debate about the words to use when defining your culture, then you aren’t ready to define it because the shared agreement needed to sustain it is missing. Start with the areas of agreement and let it evolve, revisiting and expanding the definition as it is being lived.

ACTION ADVICE:  Start the conversation today–how do your employees see the culture of your credit union?  What works, what does not work, and what needs to be done to make the culture stronger?  Listen, learn, and leverage the insights you gain to implement a culture intervention that gets things on track so that your team can meet the challenge of achieving your strategic vision.

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Posted in Credit Union Strategy, Growing Your Credit Union, High Performance Culture Building, Improving Organizational Effectiveness, Strategic Thinking, Team Building Ideas, Tips for Leaders | No Comments »

Accountability Sucks!

Friday, September 28th, 2012

A common problem that surfaces in planning sessions is returning to topics that have already been discussed, decided, and directed to be done, but that have not been completed.

It happens for a number of reasons.

Sometimes the action steps that were defined regarding the topic have been completed and it has been reported to the Board, but when it is brought up no one remembers that it is actually done.

Other times the action step has been advanced but is not yet completed, so it surfaces again as still needing attention.

And occasionally the action step meant something different to the staff than it did to the Board, so the action taken is seen as missing the mark.

The common gap here is communication–there is no regular update focused on the specific (and hopefully limited) action steps that were defined at the last planning session, so when the next planning session rolls around the same issues surface again.

Here are three possible ways to avoid these problems:

1. Define the update frequency as part of the action step and be clear about the specific measures that will be used to track progress, making sure that everyone agrees regarding the scope, impact, and desired outcome.

2. Kick-off your planning session with a review of the specific action items defined at the previous planning session, giving each item a thumbs up for completion, a thumbs down for non-completion, and a big question mark for no action taken to date.

3. Define a set of questions you will use to assess why things did not get done and use the discussion to decide whether they should be rescheduled or dropped. Questions might include:

  • Did it not get done because either the staff or the Board did not see it as important?
  • Did it not get done because there were too many items on the to do list and there simply was not enough capacity to tackle all of them?
  • Did it not get done because to was too vague or the outcomes were unclear?
  • Did it not get done because it should not have been done and should never have been put on the list in the first place?
  • Did it not get done because it was made irrelevant by unforeseen developments that occurred after it was put on the list?

These three simple steps can reduce dissatisfaction and help to keep your planning session on track because they will eliminate the mental distractions that arise from the mismatch of activity and accomplishment, and because they demonstrate the shared accountability of everyone on the planning team.

ACTION ADVICE:  Take a serious look at the Action List from your last planning session and make sure that all of the the items on the list merit attention, that the outcomes are clearly defined, that someone owns the accountability for getting it done, and that the time frame for completion is specific.  More important, define the process for making adjustments if things change and for communicating any changes as soon as possible, along with the criteria you would use to remove an item from the Action List.  Make everyone accountable for achieving the target outcomes you are pursuing and commit to keeping the conversation alive between planning sessions, not just once a year.

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Posted in Board Development, Creative Ideas, Credit Union Strategy, Growing Your Credit Union, High Performance Culture Building, Improving Communication, Improving Organizational Effectiveness, Improving Personal Effectiveness, Increasing Efficiency, Leadership Development, Strategic Planning, Strategic Thinking, Tips for Leaders | No Comments »

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