You could also use the concept to engage younger members by having a design contest for the shirt of the month or for special events, etc. The winning design is then sold or given to participants in the event!

The video for this book promotion is both an awesome idea and an awesome information piece. I hope others will take advantage of the offer…there is a lot of wisdom in the video, and the 16-18 minute segments make it easy to watch and squeeze into the schedule!

Hope we can share some more of your insight soon via a guest post!

Thanks for this great suggestion. I have yet to read Linchpin but anything Seth Godin puts out is certainly worth reading. Based on your suggestion I’ll be sure to put Linchpin on my reading list. I really like the value add that Godin gives with the video as well (great marketing).

Mark

http://www-rohan.sdsu.edu/~cba/news/story/SDDT-Ely7-14-09.pdf

http://www.cusouth.com/2010/09/collaboration-is-the-new-business-model-for-credit-unions/

http://www.creditunionmagazine.com/articles/is-the-cu-business-model-sustainable

Let me respond to a few of your points:

1. The purpose of the article is not, as you state “to create fear uncertainty and doubt for people using or thinking of using a credit union instead of a bank.” It is to encourage credit union leaders and board members to think strategically about how they can improve and evolve their business model to serve a changing world. The article is in fact not even targeted to or intended for consumers.

2. I do not agree with your assertion that “nearly every single bank is at best incompetent and at worst (most likely) criminal,” and would like to see the evidence upon which you are basing this accusation. All financial services focused on consumers use a similar business model and my comments are as relevant for community banks as they are for credit unions…the world we live in today demands a different way of doing business from all financial services institutions (and most other businesses).

3. The article does in fact identify four general characteristics that are reasons why the traditional business model for all financial institutions needs to evolve, as is noted in my post where I state “The business model that built the industry is seriously broken, and this reality applies to both credit unions and banks.” It should also be noted that I am not alone in making this claim, as the inspiration for this post was a speech by best-selling author Jim Collins.

4. You are certainly correct that there are examples of credit unions out there who have in fact adjusted their business model by embracing technology and finding new ways to meet the needs of their members. But there are also credit unions that have not done this, and they are the ones who need to think more strategically and evaluate their business model moving forward.

5. As a lifelong credit union member (since I was a toddler) and one how has served the industry as a speaker and planning consultant for over a decade, I take offense to the accusation of my being “clearly a shill for some bank or another.” I have only one goal–to help leaders of businesses in the industries that I serve, one of which is the credit union industry, discover and implement strategies that help their businesses thrive. Sometimes doing that means raising uncomfortable issues, asking tough questions, and challenging conventional wisdom–that was the purpose of this post. And I appreciate your taking the time to share the reaction that you had to it.

You are saying that the credit union business model is broken, but do not point out why that is the case in any way.To the contrary you correctly explain they offer higher interest rates and better service to members than banks. The 4 ‘examples’ you give how to improve are generic common sense things, but don’t actually point out any problems. They don’t even apply to modernized credit unions such as Alliant that have fantastic online banking and budgeting tools.

You are clearly a shill for some bank or another.

It’s worth noting that some banks have seen this opportunity and are taking advantage of it. Not that they have SEGs per se, but they are developing and implementing on-site banking programs for companies to connect them with their employees by making access and support convenient and using targeted marketing programs that create a sense of belonging in the same way that SEGs do.