SEATTLE–Much has changed since NAFCU was founded in 1967.
Indeed, said CEO Dan Berger, a great deal has changed since the trade group met just a year ago in Hawaii. What’s coming tomorrow? Berger said there is no way of knowing, which is why every credit union needs to invest in strategic planning and learn from a well-known brand name.
Credit unions should focus on four areas, according to Berger, who offered his remarks at the group’s annual meeting and convention here:
- Vision
- Strategy
- Execution
- Innovation
“Seattle is the perfect location for this meeting,” said Berger. “Seattle is open to new ideas. There is a start-up mentality. There is a willingness to try and fail at new things,” said Berger. “The people in Seattle are all in. They understand how to put customers, and in our case, members, first, such as Amazon’s reinvention of retail.”
With NAFCU meeting just 10 blocks from Amazon’s headquarters, Berger quoted the company’s CEO, Jeff Bezos, who said, “Our vision at Amazon is to be the world’s most customer-centric company.”
What can credit unions learn from Amazon? According to Berger:
- Delight your members. “According to Bezos, even if they don’t know it yet, customers want something better.”
- Make every day, day one. Bezos said Day two is stability, followed by irrelevance, followed by decline, followed by death.
- Experiment and accept failures.
Credit unions have more in common with Amazon than you think,” said Berger. “The analytics that Amazon uses have earned an incredible loyalty. For you, you need to have a distinctive member experience.”
As for NAFCU itself, Berger said, "Extreme member service is something we pride ourselves on. Today, we provide the best federal advocacy, education and compliance assistance in the industry. That’s the core of who we are. That’s our vision, and our promise to you."