In Ray Davis’ 2007 book, Leading for Growth, the innovative (now retired) CEO of Umpqua Bank says you have to know what business you’re really in. While most financial institutions think they’re in the banking business, they’re actually in the retail service business.
Fortunately for credit union marketers, consumers don’t completely realize it either.
You can take advantage of that lowered expectation by putting more thought and effort into things like displays, packaging, naming, etc… (It doesn’t take much to stand out in this industry.)
Somewhere along the way it seems there was an agreement between most credit unions to use a set of bland standards for branches, websites, and any touch points throughout the member’s experience with us. In the name of “this is what they know,” we’ve accepted the typical and unremarkable.
How different would our branches look if we embraced the retail part of retail banking?