Think you’re selling financial products and services? Think again.

Sample generic mission statement of ABC financial institution: Our bank/credit unit exists to serve the needs of our customers/members by utilizing the latest and greatest in financial products and services.

Sorry for the delay — I read that and then instantly fell into an involuntary nap.

The nap was great but is definitely a symptom of a greater problem, one your credit union or bank may struggle with. No, I’m not talking about the boring generic mission statement (although that is a common problem with banks and credit unions). Rather, I’m talking about the focus on financial products and services.

Savings accounts. Checking accounts. Certificates of deposit. New and used car loans. Home mortgages. Lines of credit. Text banking.

Zzzzzzz.

Your financial products and services do matter. Your credit union or bank should offer the tools your consumers need to manage their financial lives.

 

continue reading »