Lessons from Cheesesteaks

Last year, the Credit Union Skeptic and I had a relatively public debate about the appeal of the credit union structure to the public. The Skeptic's take was essentially (paraphrased), "who cares what your structure is? People care about the products, services, and experiences you offer them."

My take was (and is) essentially "everything that makes credit unions great starts with their structure. I’m not talking about organizational structure, I’m talking about constitution – the basic building blocks of what credit unions are. The democratic control of an individual CU, and how each individual institution puts their philosophy into action is what causes differentiation and unique appeal to FOMs."

According to Frank Olivieri of Pat's Famous Steaks in Philadelphia, the Skeptic won that round. Frank says of his legendary steak sandwiches, "if the sandwich wasn't tasty and good, no matter how much passion you have no one would come back to buy it again."

He's right. The structure of Geno's and Pat's would mean absolutely nothing if their food was terrible. Their attitudes wouldn't matter. Their passion for cooking philly cheesesteaks wouldn't matter. While structure does mean something, long lines wrap around these two establishments because people love the product being sold.

Here's why I'm still right. The people in those lines aren't just buying cheesesteaks. Instead, they're buying a piece of Philadelphia. They are buying an experience. If Subway could create an equally great philly cheesesteak, I'd bet you an ice cold Mountain Dew that they still wouldn't be able to attract the huge lines of customers that Geno's and Pat's enjoy.

Structure is important for credit unions not only because of how it engineers our service offerings, but also for how it creates a distinction between what/who we are in business for versus what/who banks are in business for. For the cases in which credit union sandwiches look similar and taste similar to bank sandwiches, structure can be the sales incentive. It's why we buy the ProjectRED iPod instead of the blue one (or Zune). It's why we buy the pink Campbell's Soup can, instead of Progresso brand. It's why we buy our outdoor gear at REI instead of Cabela's.

While our sandwiches should taste better anyway, it's nice to know that we have the power of our structure behind us to sweeten the deal.

I Guess CU Blogs Aren't Dead

It wasn't long ago that I lamented the near-death of the credit union blogosphere. Boy, was I wrong. In the past few months I have discovered a wealth of new blogs that have revitalized the online conversation.

Here are some of my favorite new (or at least new to me) credit union land blogs:

AndyJanning.com
Andy Janning is the training guru from Indiana's Forum Credit Union. I had the pleasure of seeing him speak at the Forum Solutions Partnership Symposium in 2008, and have been a fan of his ever since. Turns out, his blog is as good as his speech. Well-written, well-conceived, and full of takeaways for anyone interested in employee development.

Marketing Tea Party
Our old friend Ron Shevlin brings his unique wit, wisdom, sarcasm, and keen analytical ability to a new blog that calls out the insanity of commonly accepted marketing practices. His posts will make you laugh, think, and, often, feel ashamed of your marketing ineptitude. It's a slap in the face for financial services marketers like myself, packaged as a brilliantly written online rant fest.

That's So Northwest
Northwest Community Credit Union has really done a great job with their "That's So Northwest" blog. What I'm most impressed by is the personal stories and informal voices the authors use. I don't know a soul at NCCU, but I already like them. I think they have a clear understanding of what they want to accomplish with their blog, who their audience is, and how to write compelling posts.

Verity Mom
I don't think I could be more excited about this program. Seattle's Verity Credit Union has launched an elaborate search for a "mommy blogger" to manage content on their new Verity Mom site. At last count they have 34 excellent candidates to get the job, along with some amazing perquisites. This is a program to keep an eye on...Verity never ceases to amaze me with their creative initiatives.

Shared iDiz
I've really enjoyed the posts I've seen on this effort from the marketing agency iDiz. Multiple writers, including Twitter pal Kelley Parks, bring a variety of perspectives and creative insight into the world of credit union marketing. Definitely worth checking out.

Credit Union Cheatsheet
This blog by Tom Dluzen is billed as "Cliff Notes for Credit Union Managers and Board Members." Content is regularly updated, well-researched, and clearly written by someone with extensive experience in the movement.

The Thing About Tough Decisions...

Eight years ago, my wife (my girlfriend at the time) and I drove to Johnson City, Tennessee to pick up the new love of our lives. She was cute as a button -- even better than we had expected from the pictures -- although she was still getting used to her body. Some body parts were way too big. Most were way too small. The combination was absolutely adorable.

This precious gift was an 8-week old English Bulldog we named Leota.

For the next seven years she went everywhere with us. She was the content back-seat driver for thousands of miles as my wife and I tried to maintain our long-distance relationship (for two years I lived in Richmond, Virginia, while my wife studied for her Master’s degree at Wake Forest University in Winston-Salem, NC). She was the flower girl at our wedding. She was our biggest responsibility, and our greatest source of pride. She was our first “child.”

Last week, we sent Leota to live with my wife’s cousin in Greensboro. Just like that. An hour and a half drive east, and the Leota chapter in our life was over.

I won’t waste much of your time discussing the reasons behind our decision, but we are confident that we did what was right for the parties involved: Leota, our son, my wife’s cousin, and our unborn son who is due in January. Right or wrong, it still hurts. It’s uncomfortable to make decisions like this. It’s tough to admit that your baby is better off with someone else...and that, perhaps, you would be better off as a result.

How many credit union executives, organizations, and volunteers are struggling with similar situations? At what point do you decide that your “baby” (project, trade association, credit union, seat on a board, business model, etc.) would be better off with someone else? New eyes. New ideas. New passions. Fewer preconceptions. Could a better life lie ahead for all parties concerned?

Uncomfortable decisions are much easier to put off until tomorrow, but who are you harming by doing so?

We wanted Leota to have a better life. We wanted our sons to have a better life. We found the perfect caretaker to help us make this happen.

How should you approach your little piece of the credit union movement?

Thumbs Down, Bank of America

I don't have thumbprints. I mean, I guess I do, but not very defined ones. I was burned when I was very young, leaving my hands, face, and thighs considerably scarred for the remainder of my life.

I've never really talked about the accident. Or the scars. Or the effect they have had on my life. In fact, there are many people who have known me my entire life that have never heard me say a word about it. Sure, I get asked from time to time "what happened to your fingers?" (mostly by children). I try to answer politely, "I fell into the remnants of a fire when I was very young."

The reasons I don't discuss this, aside from the amazing amount of discomfort the conversation causes, are these: I can wear long sleeves. I can sit on my hands in certain social settings. I can wear long gym shorts. Sometimes I can even forget that I'm different.

There are way too many people who don't have that luxury.

Many burn victims simply cannot hide their accidents. They inspire me to be thankful that my scars are where they are...mostly concealable. They remind me that no matter how bad you think you have it, there is always someone out there who wishes they could be more like you. They also remind me that boo-hooing about something outside of your control is senseless. Accidents happen. Life happens. The only thing you can do is try to make the most out of what you have.

I have never allowed myself to be put into the category: burn victim. Truth be told, my scars have always been one of my biggest sources of drive. You see, when you're different all you want to do is fit in with those who are not. It's stupid, but it's true. I have always felt that I needed to be a little bit smarter, a little bit friendlier, a little bit more out-going, and a little bit more confident to get others to accept me as an equal. Again, it's stupid...but it has always been true. So, in that light I'm thankful for my uniqueness. It's always been one of my biggest strengths.

I am disclosing this information to you here to frame my thoughts about the story making waves in the world of social media about the Tampa Bank of America branch that refused to cash a customer's check because he had no thumbs. Turns out, Bank of America customer Steve Valdez has prosthetic hands. He has no thumbprints. He could not possibly comply with the branch's security policy that requires employees to verify customer identities via thumbprint scanning.

My take? Don't be offended by the policy. Don't automatically label this discrimination. (I get offended by people who are easily offended). Let's face it, the policy wasn't very well thought out. The way the staff reacted to Mr. Valdez' physical disability was inexcusable. The entire situation was simply an admission that the bank doesn't know their customers very well, doesn't empower its employees to use their own judgment in situations that require breaking policy, and/or doesn't hire employees who are smart enough to figure which situations require such action.

I am much more outraged by the inflexibility the staff demonstrated in this case than the policy itself. Get the smartest, most compassionate people on the planet together to make a policy, and there will be something or some group that they simply didn't consider. There are plenty of people without thumbprints, but let's be honest here...how many of you would have thought of them when developing a security policy? I may have, but that's only because I don't really have thumbprints. I don't fault Bank of America for that oversight.

I do blame them for not empowering their employees to serve with compassion. I blame them for not knowing their customers. I blame them for refusing to accept two forms of identification from a man who clearly has no other way of verifying his identity. I blame them for being a bank that has proven time and time again that service is, at best, an afterthought. I blame them for making someone who desperately wants to feel normal feel anything but.