Two do’s and a big don’t for managing change

We’ve seen it before, and we’ll see it again: companies—and, sometimes, entire industries—left in the dust because they failed to keep up with the pace of change.

It’s not hard to think of a few cautionary tales, especially in the digital era—consider Kodak or pay phones—and the banking industry is far from immune. Tech giants, including Google, Apple, and Amazon, as well as new players, like Kickstarter and Venmo, are starting to gain a foothold. And megabanks continue to innovate, offering new mobile and online tools in an attempt to compete.

With all this customer-grabbing innovation going on, what should credit unions do? Panic? Cross fingers? Do nothing? Do everything? Luckily, history provides us with a few do’s and don’ts.

Do: Take your competition seriously.