Change is the Word

If there’s one word that can sum up 2008, it might be “Change.”

Not only was it the steadfast motto that helped to win a historic presidential election, but it also is inherent in so much of our industry.

Now, it would be easy to talk about the change in the government’s increased roll in banking or the change in how mortgages are looked at.  But, let’s be honest … those topic have been beat to death.

What may be the most important change to anyone who’s reading this blog is the change in consumers PERCEPTIONS of the banking industry.

When I was a credit union marketing VP, I preached to management and my Board that consumers only wanted good acces to their money, a good deal and for the staff to smile at them occasionally … they did NOT, in my opinion and in very general terms, care about our involvement in the community or in the not-for-profit “credit union difference.”

I’m not saying that I was wrong – because I wasn’t – but times have changed.

With buzz phrases like “golden parachutes,” “sub-prime lending,” “predatory lending,” and “bail out” flying around, it is no wonder that the country’s perception of banking has changed … particularly BIG BANKING.

If you’re a credit union – the “not-for-profit” message will differentiate now.  If you’re a community bank, the “good neighbor” message will strike a cord.  In short, we should get back to the fundamentals and directly address this change in perception.  Are your bank’s decisions made locally with the customer’s and community’s best interest in mind?  Now consumers will care.  Have you helped local small business to start and flourish?  Now consumers may listen.

In short, CHANGE IS GOOD.  And as small to mid-sized financial institutions, we should not only embrace it, but capitalize on it.

Take care,

Eric