“’Slow and steady wins the race,’ the Tortoise said to the Hare in the classic fable, and so holds true for credit unions in their journey to success,” shared Comedian and Business Growth Expert Jeff Havens.
Catalyst’s Strategic Summit opening speaker offers a fresh perspective on innovation.png?sfvrsn=88525a3f_0&MaxWidth=&MaxHeight=300&ScaleUp=false&Quality=High&Method=ResizeFitToAreaArguments&Signature=9019672434091060D69908B36C8CD8D26F6A1109 "Jeff Havens")
and growth that are particularly relevant for credit unions. According to Havens, credit unions stand at a crucial juncture, where maintaining a balance between traditional values and embracing change is key to future success.
Fostering a culture for innovation
Havens emphasizes that innovation is not merely about adopting the latest technology, but about evolving how credit unions think and operate. In an industry rooted in trust, customer service and personal relationships, innovation can feel disruptive. However, Havens argues that staying stagnant is a greater risk.
"The greatest threat to any business, including credit unions, is the fear of change," said Havens. “Credit unions need to view innovation as a way to enhance – not replace – core strengths.”
Havens believes innovation starts with small, strategic steps. It doesn't have to be a large-scale overhaul but instead, incremental adjustments that meet the ever-changing needs of members.
“All innovation is the result of slow and steady incremental growth that eventually compounds into something very transformative,” said Havens.
Whether through more user-friendly apps or streamlined in-branch experiences, the key is finding ways to modernize while maintaining the community-centric ethos that credit unions are known for.
Growth through differentiation
Credit unions have leaned on their member-first approach, which sets them apart from others. Havens believes this competitive advantage can be leveraged further by credit unions to stimulate growth.
Havens argued “in a crowded financial services market, differentiation through unique member services and personalized experiences can be a significant growth driver.”
Havens encourages credit unions to invest in understanding their members on a deeper level. Optimizing data to personalize offerings, anticipating financial needs and providing proactive solutions will strengthen member loyalty and attract new demographics.
"Growth in the future will come from how well you know your members and how well you can predict what they need before they even ask for it," said Havens.
The power of collaboration
Havens also highlights the potential for collaboration to spur innovation. Credit union employees, he suggests, should continually ask questions and consider spending time in thought to maintain its member-centric focus. Collaboration with employees can provide the ability to stay competitive without overextending resources or compromising the personal touch that credit unions possess.
“If you want to go fast, go alone. If you want to go far, go together,” Havens added.
Ultimately, Havens calls for credit unions to adopt a forward-thinking mindset. Innovation and growth are not just buzzwords, but necessities in an increasingly digital and competitive financial landscape. While change may be uncomfortable, it is essential for continuity in the financial space. Credit unions that remain adaptable, prioritize member experience and are open to collaboration will thrive.
Havens' approach to innovation and growth offers a practical roadmap for credit unions. By embracing change at their own pace and keeping members at the heart of every decision, credit unions can create sustainable growth.
Havens will have you laughing your way to more insights on innovation and growth for your credit union at the 2024 Strategic Summit. Registration closes September 20, visit catalyst-summit.org to secure your spot.