By Randy Smith, reprint from ShareWhatYouFear.com
I was reading an article in the USA Today: Consumer satisfaction with banks up for first time in 3 years and it got me thinking (smell smoke) about how public opinion swings like a pendulum. Over the past few years BANK has become a word that didn’t sit well with consumers. Blame the banks for everything. This isn’t the first time in history people had a strong dislike for their banks. The swings of public emotion can be seen in business as well as politics. Think of the difference in political opinion and mind set between what propelled President Obama to be elected and the Tea Party taking over the House two years later. Swings of a pendulum have to hit extremes before they change directions and head to the center.
So now that the bank satisfaction pendulum may be turning did community financial institutions do all they could to spread the word and bring new members in? Has the tide turned? Is it too late? I personally don’t think so. I think there is a change happening: change in opinion, change in technology, change in patterns, change in the way banking is done. Change brings opportunity. Technology bridges the gap on what credit unions and community banks can offer their members/customers. Everything you can do (big banks) I can do better.
What are you doing today to take advantage of this? Cut spending on new technology? Slashing your marketing budget? Sticking to the way you have always done things?
I have the unique opportunity to talk to people in the credit union movement on a daily basis. The ideas flow freely. Many of the frustrations I hear are taking the ideas and putting them into motion. The fear of the last few years has paralyzed a great opportunity for growth. It’s not too late. What great ideas have you talked about that you should be working on now? What do you need to get started and put them into action? What are the barriers to change? Have you looked at some of the dedicated partners in the community that could help? There are some really smart people out there with a passion for helping you grow. Could you work with another institution in your area to move it forward?
What can you do today?