Talent And Spirit: Credit Unions Fast Break To Success

When you look at the world of professional sports for examples of sustained team excellence, the Los Angeles Lakers of the National Basketball Association (NBA) certainly make their way to the short list. Since 1947, the Lakers have won 16 NBA championships, 31 conference titles, and 23 division titles. The team has also grown to become the second most valuable basketball franchise, worth over $1 billion according to Forbes.

With all of this success, it is easy to forget that the team has made its fair share of mistakes as well. As a basketball and credit union nerd, I thought it might be interesting to explore the talent and spirit of the Lakers through the eyes of financial services. How might credit unions make a fast break to success?

It’s hard to deny the Lakers have won because of talent. Sixteen Lakers have become Hall of Famers. Their first star, George Mikan, revolutionized the game of basketball with size. At 6’10”, Mikan became the NBA’s first superstar, dominating the game from the low post and sending the rest of the league searching for big bodies to compete. The five championships (BBA and NBA) won in Mikan’s tenure were simply a glimpse of what would later become commonplace for the Lakers: sustained dominance on the low post. 7’1” Wilt Chamberlain, 7’2” Kareem Abdul Jabbar, and 7’0” Shaquille O’Neal were centerpieces of a seemingly endless run of championships.

Of course the Lakers had other, albeit smaller, stars as well. Jerry West, Elgin Baylor, Magic Johnson, and Kobe Bryant are all considered to be among the top 50 basketball players of all time. Their star power, on and off the court, brought wins and fans galore. While Mikan, Wilt, Kareem, and Shaq dominated with size and strength, West, Baylor, Magic, and Kobe dominated with style, grace, and determination. The big stars needed the little stars, and the little stars needed the big stars.

They also needed a good supporting cast. For every Hall of Famer above, there were dozens of role players that made the key passes, shots, and defensive plays that transformed their teams from good to great. For every Magic and Kareem there was an AC Green or James Worthy. For every Shaq and Kobe there was a Derek Fisher or Robert Horry. Stars matter, but stars need support.

So what is a credit union’s 7’0” center? Where do we go when we need a blocked shot, a key rebound, or a high percentage shot down low? Branch Managers, that’s who. Without top-flight managers at the branch level, executing a credit union’s mission is incredibly difficult. Those “Centers” need support, though. Superstar playmakers from Finance that can equip them with the resources they need to succeed are vital. Marketers that can tell the credit union’s story, and hold the organization to account for its promises are equally important. Support personnel on the teller line, the member services team, collections, and elsewhere become the glue that holds the team together.

Talent wins, and credit unions must make sure that they are constantly on the look for it. Don’t forget about chemistry, though. The Lakers made waves last season in the free agency market by signing future Hall of Fame guard Steve Nash and dominant center Dwight Howard. Between the high salaries, injuries, and egos of the pieced together team, these signings became a total disaster. Top talent must also be the right talent.

A good coach helps, too. The Lakers struck gold in the 80’s by signing Pat Riley to rebuild the team into a winner. His “Showtime” style of coaching was just as much a part of Riley’s personality as it was a derivative of the talent he was responsible for guiding. The athleticism of Magic Johnson and James Worthy, the grace and size of Kareem, and the versatility of Michael Cooper allowed the team to turn the fast break into an art form. Riley understood that few teams could score as effectively as them, and focused the team on scoring early, often, and urgently.

Phil Jackson was a Zen master. He understood that managing the star power (and egos) of Kobe Bryant and Shaquille O’Neal required a special level of calmness, spiritual guidance, and customized approach. His three championships with the Lakers came shortly after he won six with the Chicago Bulls, managing personalities as diverse and powerful as Michael Jordan, Scottie Pippen, and Dennis Rodman.

Just as talent on the staff matters at credit unions, so too does guidance from the board and senior management. Riley and Jackson were the perfect coaches for the talent the Lakers had assembled. They understood the motivations, personalities, and skill sets they were working with, and modified their game plan accordingly. They inspired their teams, and understood when to lead and when to get out of the way.

The Lakers’ players and coaches have simply been a reflection of the franchise’s spirit. From 1979-2013, Jerry Buss owned the team. He understood that running a successful organization meant two things: being magnetic and winning. Under Buss, the Lakers turned basketball games into a three-ringed circus of entertainment. The product on the court was fun to watch, the atmosphere was unique, and the focus on optimizing fan experience was abundantly clear. Celebrities from Hollywood flocked to games to entertain and be entertained. The best show in Southern California wasn’t on the silver screen – it was on the basketball court.

This past year, the Milwaukee Bucks squeaked their way into the NBA playoffs as the 8th and final seed in the Eastern Conference, even though they had a losing record. Their reward? A first-round matchup with the best team in the League, the Miami Heat. Bucks ownership celebrated the achievement as a sign of success. In the Western Conference, the Lakers also barely made it to the playoffs. Their fans, their owner, and their city considered it a disaster of a season.

Being successful as an organization means demanding success. Unfortunately, too many credit unions are satisfied just squeaking by. Winning doesn’t mean being 8th best or 7th best or even 2nd best. It means being THE best. We need to stop patting ourselves on the back for 7-12 percent market share.

The future of credit unions, and the people we serve, requires that we think more like the Los Angeles Lakers. Hire top talent. Surround that talent with an amazing support cast. Hire true leaders in the executive suite. Demand success. Take failure to heart. It’s not a slam dunk, but it’s close.

As the Filene Research Institute’s Innovation Director, Matt Davis guides the prestigious i3 program, which enables next generation credit union executives to create innovative products, services, processes, and business models for consumers through credit unions. We’re currently accepting applications for our next group of i3ers. Learn more here.

Matt Davis

Matt Davis

As the Director of Innovation at the Filene Research Institute, Matt Davis guides the prestigious i3 program to create new products, services, processes, and business models for credit unions. He ... Web: filene.org Details