In response to the pandemic, the National Basketball Association, Major League Soccer and other leagues have announced plans to create enclosed campuses where their players, coaches and staff members will live and play full-time in venues without fans. The NBA, for instance, will house teams at the Walt Disney World Resort this month near Orlando, Florida, so it can finish the 2019-20 season. To succeed in these times, the sports leagues can’t operate as they always have. They have to be creative and up their business games.
There’s a clear parallel in the credit union world. We’re not being asked to reopen our businesses as our best previous selves. We’re being asked to reopen as new and better organizations in a brand-new world.
The professional sports leagues will continue to monitor the new information being provided by infectious disease experts as they move forward. As they do so, it’s a fair bet that they’ll continue to innovate how they deliver their products and identify and capitalize on new revenue streams. Similarly, credit union leaders will need to be continuous learners with an eye for innovation if they want to lead forward in the best way possible for their organizations, staff and members.
A lot of operational learning will need to take place for credit unions to reopen well. Here are just a few examples:
- Credit union operations executives will have to define what success now looks like for physical branches and digital channels.
- Marketers will need to become experts at helping members first and selling second.
- Compliance pros must learn about new and rapidly changing regulations stemming from the pandemic—and effectively respond to them.
These obstacles probably can’t be overcome without good leadership. So leaders at all levels need to spend time learning about making good decisions, how to communicate effectively, and current best practices in setting strategy and planning for growth. As a backdrop to effective reopening, all leaders and emerging leaders also will need to ramp up their understanding of diversity, equity and inclusion to be able to help their organizations overcome injustice.
The mission of CUES is to help its members reach their full potential. If you’re not yet a member, consider taking advantage of our 45-day free trial. Committing to ongoing learning will help you lead your credit union toward its best possible future.