President's Message
Apex 2023 is in the history books and oh my, what a conference it was… “We laughed, we cried, it was better than Cats.”
But don’t take our word for it, attendees and vendors alike confirmed our suspicions that APEX23 was the single greatest industry conference in the history of conferences. But we don’t want to break our arms patting ourselves on the back so just take a look at what this person had to say and you will know we speak the truth.
Here's the thing: testimonials work. For the Boomers in the crowd, think of Ron Popeil or Suzanne Somers (RIP). For the Gen Xers, you tell me – perhaps we should be renamed, “The Forgotten Generation.” And for Millennials and Gen Z? They’re called influencers—and they’re a dime a dozen.
Testimonials and third-party endorsements amount to little more than a flash in the pan. Sorry Gen Z – I meant to say that influencers can only carry your brand so far. Sure, third-party validation works but, if your play, your conference, or your credit union can’t live up to the endorsement, the play will be cancelled, the conference will fail, and the credit union will wither and die.
This is where your stories can swoop in to save the day. Your stories define you; they explain how you got here – why you do what you do – and how only you can give what you give. It is not enough to compete on rates. It is not enough to be more convenient or efficient. It is not even particularly valuable for a brand to invest in local communities. Because those are facts. Facts are emotionless and sterile. Just as we did at the outset of this message, many financial institutions break their arms patting themselves on the back to tell the consumer to believe that these facts make them great (“Low Rates! Convenient! Friendly! Trusted!”). Why, then do so many financial services providers spend millions of dollars hammering these facts with splashy advertising?
Compelling brand stories have a moral (the “why we exist”) that leads a consumer to form a relationship with that brand (“and they lived happily ever after”). Those stories not only generate sales, but they also generate loyalty. So, the next time you hear the phrase, “What’s in your wallet?” Listen carefully and ask whether that brand is telling you a story with a moral. Take a look at one of the latest ads and then draw your own conclusion. Maybe all that expensive advertising is a distraction – a smokescreen – to disguise the fact that there is no compelling story to tell.
If your story explains why you do what you do, then the story of the credit union movement is not simply about cooperative finance or cooperative principles. It is not even about providing credit for provident or productive purposes. Those things describe what we do and how we do it. The moral of the credit union story – the why we exist – is to be found in your sustained commitment to serving underserved populations, in taking extra time to get to yes, in helping people gain financial independence. Who invented relationship banking? Credit Unions. Who lifts people into financial independence? Credit Unions. Who invests in the financial health of their workforce? Credit unions. Who leans into underserved industries like cannabis? Credit Unions. Who helps lottery winners make better choices with their winnings? Credit Unions, that’s who. What makes you unique?
As credit unions turn their attention to 2024, perhaps now is the right time to take a fresh look at your stories. How well do your mission and vision statements align with that story? Does your story have a “happily ever after?” And consider your audience. The largest generational wealth transfer in history is like a time-bomb ticking down its final seconds. Your story is like MacGyver; it has to save everyone (from Boomers to Gen Z) or we all go up in smoke. But the actual MacGyver can’t help you now – he’s 73 years old. It’s up to you.
As always,
Bruce
