HONOLULU–Are you listening? Do you really want “it?” Are you being hunted, or are you the hunter?
Anthony Demangone had those three questions plus one more in remarks to NAFCU’s 50th Annual Meeting here.
Here’s a look at the questions he posed:
How Well are You Listening?
“Every business you have customers/members and potential customers/members, but what you don’t always realize is that they are not always your customers/members, and other people think they are yours, as well, so there is this ongoing competition,” said Demangone. “I’m guessing that even some of you have a product or service from another financial institution? That potential member base has this collective voice, and the business that understands that voice and owns it, will win.”
But listening only works, reminded Demangone, if a credit union or individual is open to the feedback and “not be afraid to see what you see. You can’t say, ‘That can’t be true because I don’t agree with it.’ The credit unions that understand that voice are going to win. So, the final question is how well is your credit union listening.
How Badly Do You REALLY Want ‘It?’
Demangone noted every organization and person has certain things they want, but the question is really how badly they want them.
“You ask credit unions for their goals, and they will say we want to be in compliance. But they will say ‘Things are a little tight, and we couldn’t send someone to that compliance roundtable.’ Or, ‘We want to grow, but we’re not going to budget for technology.’ Sometimes what we say doesn’t match up with our actions or budgets, or we have two conflicting goals,” said Demangone. “And that begs the question of how badly do you want it? Well, what’s the ‘it?’ Go around and ask individual board members, senior staff and front-line people what the credit union’s primary focus is and see how many different answers you get. So, until you know the ‘it’ you’re not going to be able to get to the answers. Sometimes focus also means stopping doing some things.”
Are you hunting? Or the hunted?
Demangone said one of his favorite CEOs works for a $50-million CU who could easily make excuses for his competitive limitations. But instead, that CEO’s mindset is that he refuses to be hunted, and instead is the hunter. “He wants to play offense. And that continuous mindset has helped his credit union. We all, at times, think we’re the hunted, that we don’t have the time or enough resources or the regulations are unfair. But if you can get the mindset that you are hunting, it can change everything. Great leaders, when they have a problem, track down the problem and attack it. So, is your credit union hunting or is it the hunted?”
How do you walk and how do you talk?
According to Demangone, this may be the most important thing. “Credit unions serve 108 million Americans; we’re growing. People can feel it. Things are moving,” he noted. “But do credit unions BELIEVE it?”
As an example, Demangone pointed to Benjamin Zander, conductor of the Boston Philharmonic and his belief that despite low numbers, has said, “Everybody loves classic music, they just don’t know it yet.” Zander asks, “‘How would you walk and talk if you believed everybody loved classical music?’”
“He will make you believe everyone loves classical music,” said Demangone, who recommends Zander’s Ted Talk, which can be found here: https://www.ted.com/talks/benjamin_zander_on_music_and_passion
“This is leadership at its best. It begs the question, how do we walk and how do we talk?” said Demangone. “Do we have fire in our eyes when we talk about credit unions? Do we believe they are for everybody? The right attitude can move a mountain. You are leaders of your credit union. You have to have that joy of life.”