Podcast: Current Issues in Credit Unions, #42

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Good Reading

Bob Spitz: The Beatles: The Biography
Reading like a novel (except for some detailed sections on the band's merchandising deals), this hefty volume tracks each Beatle, beginning with his family's Liverpool origins, to show how the group is shaping pop culture to this day. There is virtually no one who has not been touched by their influence--culturally, musically, even historically--which is why, though not a business book per se, this Beatles biography makes a good read.
Seth Godin: Meatball Sundae: Is Your Marketing out of Sync?
What do you get when you combine a boring brand (meatballs) with fresh, shiny New Marketing (candy bits, whip cream and sprinkles)? In this engrossing and fast read, Godin teaches marketers how to avoid the meatball sundae. He characterizes the differences between Old Marketing and New Marketing while identifying the 14 trends that are redefining what it means to be a marketer today.
Roger L. Martin: The Opposable Mind: How Successful Leaders Win Through Integrative Thinking
Instead of looking for best practices to adapt for your CU, what if you could learn to think like the leaders of firms like eBay and Procter & Gamble? In this book, Martin shows how simultaneously holding two or more diametrically opposed ideas can produce a synthesis that is superior to either of the original ideas.
Chris Resto: Recruit or Die: How any Business Can Beat the Big Guys in the War for Young Talent
Today’s young professionals want it all and they want it now. They want a career, glamour, gossip and work/life balance (people first, organization second). They are willing to work hard but are not willing to sacrifice the rest of their life like their parents did.
Charles Fishman: The Wal-Mart Effect: How the World's Most Powerful Company Really Works--and How It's Transforming the American Economy
Wal-Mart virtually invented big-box retail, and did nothing short of change the world. In an “unputdownable” read, Charles Fishman provides an inside glimpse of the tactics and strategies Wal-Mart employed to establish its utter dominance. Any business person can benefit from an understanding of Wal-Mart's encroachment.
Howard Moskowitz: Selling Blue Elephants: How to make great products that people want BEFORE they even know they want them
Learn a process of designing, testing, and modifying alternative ideas, packages, products, or services to discover what appeals to consumers, even when they can't articulate their own needs. Best practice examples include MasterCard and HP. Download a chapter, free with registration from the very-worthwhile Wharton@Work site.
Jeanne Bliss: Chief Customer Officer: Getting Past Lip Service to Passionate Action
Bliss draws on her experiences as "customer crusader" for the likes of Lands' End and Coldwell Bankers in this practical tool kit.
Seth Godin: Small Is the New Big: and 183 Other Riffs, Rants, and Remarkable Business Ideas
Remember when big was better? According to Godin, "Small is the new big [but] only when the person running the small thinks big." Sounds like the perfect job for a credit union CEO.
Ben McConnell & Jackie Huba: Citizen Marketers: When People Are the Message
More about word of mouth and how social media are impacting marketing. Get an excerpt, interview with the authors and more via this blog posting. Learn about using social media in your CU's marketing at CUES Nexus
Robert Scoble: Naked Conversations: How Blogs are Changing the Way Businesses Talk with Customers
According to the author, every business can benefit from smart "naked" blogging in which posts are not filtered through a PR department. Here are links to the examples used in the book.
Spannerworks: What is Social Media?
Find everything you need to know about wikis, blogs, podcasts, social media and content communities in this free, easy-to-download e-book.
William C. Taylor: Mavericks at Work: Why the Most Original Minds in Business Win
Glean ideas from Internet banks, funky sandwich shops and break-the-mold business units inside IBM and Procter & Gamble. Read an interview with co-author Polly LaBarre.
Jim Collins: Good to Great and the Social Sectors: Why Business Thinking Is Not the Answer
A companion to the best-selling Good to Great, this article applies Collins' concepts to the non-profit world. Read excerpts here.
The Source: Twelve Principles of Governance That Power Exceptional Boards
Download BoardSource's 12 principles for balancing your board's oversight function with its strategic and visionary roles.
Donna Fenn: Alpha Dogs: How Your Small Business can Become a Leader of the Pack
Easy-to-read case studies and chapters like "Seduce Your Customers" and "Transform with Technology" show how small companies can become market leaders. Book concludes with key behaviors that make up "Alpha Dog DNA."
Jeremy Hope: Reinventing the CFO: How Financial Managers Can Transform Their Roles and Add Greater Value
Fresh from Harvard Business School Press, this book shows financial types how to look beyond the ledger to help other managers and their organizations improve performance.

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Podcast: Current Issues in Credit Unions, #42

By Christopher Stevenson

This month, Faith, Katherine, and Rob discuss:

CARD Act updates,
HOEPA updates,
Regulation GG,
Pandemic preparation,
Ugottaloan, and
Big K Roundup (To Tweet or Not to Tweet; New Developments on Consumer Protection Agency; The Protocol: How Will it Impact a Credit Union's Relationship with its Broker-Dealer?)

The CICU hosts are:

Katherine E. Weber, Esq, member, Messick and Weber P.C. , Media, Pa.

Faith Anderson, American Airlines Credit Union, DFW Airport, Texas.

Robert Rutkowski, shareholder, Weltman, Weinberg and Reis Co., L.P.A., Cleveland, Ohio

October 29, 2009 in 2009 Posts, Current Issues in Credit Union Podcast | Permalink

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Sites of Interest

The Financial Brand
Commentary on branding overall and CU branding specifically from Jeffry Pilcher
Credit Union Cheat Sheet
Tom Dluzen, North Central Area Credit Union VP/finance & accounting, puts his own spin on the latest CU news.
CUiNSIGHT
A one-stop spot for news, blogs, jobs and events.
The Credit Union Warrior
Matt Davis educates the world about the benefits of credit union membership.
Calculated Risk
Recommended by CUES member Evan Clark, CEO of Department of Commerce FCU, for its finance and economic coverage
The Raddon Report
Insights from Raddon Financial Group--what more can we say?
It's Accrual World
Reflections on the economy, interest rates & investments from former CU CFO Mark Sadowski
DJ and the Bear
WesCorp Economist Dwight Johnston looks at the economy and market reactions.
NACUSO
Discuss everything CUSO on the National Association of Credit Union Service Organizations’ new blog.
Payment Industry Insider
Brought to you by The Members Group, this blog covers ALM to prepaid cards
CUs That Blog With Members
Check out the 3 dozen CUs that are blogging with members
Thwart Mediocrity
Former OpenSource CU blogger Trey Reeme now has a blog of his own.
NAFCU Compliance Blog
Where they make compliance (almost) fun!
KCCCU | Industry News
Access a few of the top industry blogs, courtesy of the King County Chapter of Credit Unions
Banktastic
Courtesy of Garland Group, here's an easy way to keep up on some of the top financial services blogs without subscribing to an RSS reader.
Nexus Connection
Check out our sister blog, dedicated to CU marketing and social media.
The Life and Times of a Credit Union Employee
Check out the new look at this new address
Shout out to Credit Unions
Suzanne Boniface, former CU VP/marketing, pens this PR blog.
Credit Union Indirect Lending
A CU exec from the Midwest shares thoughts on indirect lending and much more
That Credit Union Blog
Hosted by Rob Rutkowski and other attorneys at Weltman, Weinberg & Reis Co.
CU Communicator
Launched by the North Carolina CU League, this blog focuses on out-of-the-box marketing/PR efforts.
Cult-ivation
Always a good read--and often a good laugh--branding diva Denise Wymore has renamed her blog.
Social Media Tutorial
Want to start using a newsreader, like Newsgator, to get RSS feeds of blog posts, set up a del.icio.us account, download a podcast from iTunes or post a comment to a blog? These free video tutorials will show you the way!
Filene Research Institute's redesigned Web site features blogging and report downloads
CUES member Doug True has consolidated two previous blogs into True Story to share his passion for credit unions and new ideas.

Insights

The biggest threat (to revenue next year) is around payments: ... [It's] the biggest place you spend on technology ... [It's the] biggest place to save with contract negotiations ... If you think about what’s sticky for members, it's payments.
Cornerstone Advisors' Steve Williams speaking at CUES' 2009 Directors Conference
Most companies maintain their office copiers better than they build the capabilities of their people, especially the ones who are supposed to be future leaders, and for decades they've gotten away with it.
Geoff Colvin in "Leader Machines" from the 10/1/07 Fortune.
I often hear from management that 'our board is very conservative, so we have a very conservative investment policy.' A portfolio consisting primarily of callable agencies and cash is not a conservative portfolio at all. In fact, it's more of a one-way bet.
Scott Lewis, SVP/fixed income strategies at First Empire Securities, Hauppauge, N.Y.
There are no mature markets, only mature marketers.
DSI's Paul Schoemaker, Ph.D., speaking at CUES' CEO Institute I at Wharton.
Risk taking is largely regarded as a negative act, with a commensurate opportunity cost associated with the downside of making a mistake, when in fact it should be looked at and evaluated as a positive, constructive, progressive and necessary investment.
CUES Nexus Conference speaker Joseph Jaffe in his Manifesto for Experimentation
"You are doing things your members don't even know you are doing, and they are costing you money."
Franck Schuurmans of Decision Strategies International, speaking at CUES Symposium: A CEO Chairman Exchange.
Mike Wagner of White Rabbit Group
The credit union brand is like a buried treasure: It’s there. It hasn’t moved. It’s still valuable, relevant and much needed. Someone needs to dig it up, polish it up, and live it again.
Michael Mavaddat of Decision Strategies International, speaking on market differentiation at a free CUES teleconference
The membership and community that existed when credit unions were single sponsored is still there. There are still people who value that. We can create a community within a community and can be the hub of that community. It requires a different way of thinking. It is not the typical banker’s thoughts. Think hard about how we can leverage a sense of building a community.
From the Knowledge @ Wharton e-newsletter
To remain competitive, daily newspapers will have to strengthen their efforts to attract younger readers, make more imaginative use of the Internet, and develop stories, mostly local in nature, that better meet the needs of readers who have thousands of news and information sources at their fingertips Who has better local stories to tell than your CU? Get ideas for sharing them in CUES' new Operation Outreach.
Pete Duffy of Sandler O'Neill & Partners, L.P. in "Back to the Future"
CUs are at risk of losing their brand advantage, even as their financial disadvantage grows. CUs should consider this unacceptable. The culture of your institution is more important than any other aspect of the CU and you're letting it slip away.

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