Steve Jobs on credit unions 2: Why do crappy credit unions exist?

Whether you love him or hate him, you can’t argue that Steve Jobs was not a passionate man. He was passionate about new ideas, about quality, and about his brand. It showed. Apple consumers are famously loyal.

Despite the rapid change in technology over the last ten years, the iPod is still very much prized. But does anyone remember the Zune? Microsoft released them only three years after the iPod’s debut. Fast forward two years and the Zune still only had 5% of the market share. They never took off. Microsoft totally stopped production of the Zune hardware in 2011.

What made the iPod the preferred product over the Zune? It’s because of one word—passion.

“The older I get, the more I see how much motivations matter” Jobs said. Was there a different motivation between Apple and Microsoft in launching these new products? According to Jobs, there was a huge difference. “The Zune was crappy because the people at Microsoft don’t really love music or art the way we do. We won because we personally love music. We made the iPod for ourselves, and when you’re doing something for yourself, or your best friend or family, you’re not going to cheese out.”

While many economic and social factors weigh into the success of a credit union, I’ve seen first hand the difference a passionate team can make on the bottom line. The most successful credit unions we’ve worked with have not had the best marketing, they haven’t had the most college degrees in one room, nor have they had the best circumstances. The credit unions, which have the most success, are winning because they personally believe in their credit union. They have a mission statement and a vision they are passionate about. Their members are friends and family. They don’t “cheese out” as Jobs said.

“If you don’t love something, you’re not going to go the extra mile, work the extra weekend, challenge the status quo as much,” Jobs continued. What separates the good credit unions from the great credit unions? Culture. Vision. Passion. If you’re making loans for the sake of the bottom line or to meet targets, you’re going to have an uphill battle. If you’re making loans with the understanding of how you are helping a member or changing a life, it creates a passion to do it again and again. Is your credit union a Zune or an iPod? Do you have a little slice of the pie, or are you winning the fight for share of wallet?