One of the many challenges of 2020 has been managing the pace of change. Change has been happening at breakneck speed and with whiplash veracity. Surprisingly enough, there has been an unintended benefit from managing all this change. It has strengthened individual and organizational ability to pivot.
Before the pandemic, the rate of change in the credit union industry was average; some might argue on the spectrum's slower side. However, after eight months of rapid-fire change, that statement doesn't hold water. As with all new skills, they need to be used to stay in shape.
Here is one way to keep your pivot skills sharp.
Solving member problems:
Step 1: Understand why the member is engaging with your organization in the first place. What problem does your organization solve for them?
A credit union solves four fundamental problems for its members.
1. Travel problem
The member needs transportation (not an auto loan), and the credit union is the conduit to transportation.
2. Shelter problem
Similar to transportation, the member needs a place to call home (not a mortgage), and again the credit union is the conduit to shelter.
3. Travel and Play problem
The member has desires for either travel and play. They need a financial partner that will help them achieve these goals within their current financial condition.
4. Rainy day and Retirement problem
The member needs a financial partner that will help set them up short term and long term deposits.
Step 2 Identify your opportunity for growth.
The output of the problem assessment should provide insights into organizational strengths and opportunities for growth. These identified opportunities can be flushed out as a pivot strategy.
Step 3: Creating a roadmap
Executing on a pivot strategy needs to be broken down into two swim lanes and time frames. The swim lanes are the tactical objectives needed to accomplish the pivot, and the timelines are presented in short and long term. The benefit of the pivot roadmap is its function to serve as an educational artifact. Roadmaps communicate to the rest of the organization the intention and the pathway. Roadmaps are fluid, living documents, so sharing the updates frequently with stakeholders is tantamount to success.
Make 2021 the year of the member pivot.
Is there a book out there that can help me leverage my data to help the pivot?
Written for credit unions by a credit union expert, Big Data/Big Climb: A credit Union playbook for leveraging data and talent to achieve revolutionary member relationship has been hailed as a "must-have". The book cuts through techno-jargon and translates data transformation concepts into a playbook filled with real-world examples, assessment guides, and other tools needed to reduce member friction, analyze actual competition, and identify disruption to improve the lives of its members and gain competitive advantage.
What if I want something more interactive than the book?
For the same time that it takes to enjoy your lunch, you could be learning about the elements of a disruption analysis. Click here to learn how to access the recorded session on this topic.
Does someone teach a credit union how to build innovation as a capability?
Of course, we do, and so much more. To learn more, please review our consulting services.
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