Your 2014 rallying cry: Innovate or die!

In a game known  for collared shirts and shushed galleries of observers, a logo with a skull and cross bones and the slogan “Innovate or Die” seems just a little out of place.

Or does it?

Before that question is answered, let’s compare the game of golf to credit unions. Surprisingly, they have quite a bit in common.

Golf was started in Europe and the first records of formal rules date back to 1744. Credit unions also have their roots in Europe with a formal beginning dating back to the 1850’s.

Golf has basically been played with the same set of tools since its inception. Likewise, credit unions have offered nearly the same set of loan and deposit products throughout their existence.

Today, technology is the driving force of change for both.

Odyssey, the golf company whose poster is featured, is using new processes and technology to provide improved putters to golfers. This is a rather tricky venture. In order to meet regulation playing requirements, golf equipment must adhere to standards that limit the areas where innovation can take place.  Sound vaguely similar to the regulations/compliance restrictions placed on credit unions?

But Odyssey, it seems, is undeterred in its hunt for the newer, better and faster way of creating putters.   With names like Havok, Jailbird and an entire product line titled “white hot pro,” they had better be good. And they are. Odyssey’s putters have been designed by world-famous putter designer Dave Pelz, are used by PGA winners and have appeared on Golf Digest 2013 hot list. So having a tagline like “Innovate or Die” is suitable for both Odyssey and golf in general.

If Odyssey can do it, so can credit unions.  The technology exists to make improved credit union products. The mobile platform has shattered the walls of access. A credit union no longer needs to have an extensive brick and mortar branch network if it has a robust mobile app and call center. It’s not necessary to have members physically sign their loan docs when electronic signature is available. And members no longer need cash when they can pay via phone.

The tools to innovate are here. And like Odyssey says…innovate or die.

Credit unions are better for the consumer than banks. They offer better-priced deposit and loan products. By keeping more money in a member’s pocket, credit unions support their local economy. They have a lot going for them. But unless innovation is added to that mix, credit unions will struggle to maintain relevance. Consumers are innovating how they engage, so credit unions must innovate too.

Make 2014 a year of innovation for your credit union: a year where you look to do something different, make something new, try do something faster.  Because, credit unions… dying is NOT an option.

For more blogs on innovation and business strategies for growth, visit www.thirddegreeadv.com