Plenty of childhood stories and moral tales involve the use of a magic wand (or some other instrument of supernatural power). With it, a character can, with a simple wave of the hand, go back in time to right all wrongs and re-plot the course of history.
Of course, magic wands belong to the realm of fiction and very little can be re-done so easily. And in many such tales, the use of this power, while seemingly innocent and simple enough at the surface, involves some kind of The Twilight Zone twist at the end.
However, the temptation to daydream about such powers remains. A good question for thought today might go a little something like this:
If you had a magic wand, what would you do to improve your bank or credit union?
While the diversity of answers depends solely on the imagination and number of responses, a few wishes might include:
- I’d open up a lot more branches. Many banks and credit unions wish they had a more impressive geographic footprint. Of course, however, the brick-and-mortar approach does require a considerable investment of capital and time. And what has the advent of online digital services done to the world of physical branches? They are still around and certainly have some role in the future but the rise of digital has muddied the waters.
- I’d reach out first with that hot new technological offering. Sure, we all like to be the first kid on the block with the coolest, newest toy. The same principle applies to rolling out the latest digital/technological gadget. If it’s a hit, you’re the hero. If it’s a miss, you’re a zero. Most banks and credit unions prefer to tread calmer waters somewhere in the middle rather than live on the bleeding edge of technological advancements or linger in its dissipating wake.
- I’d go back and make marketing a much more important role/function. Yes, admittedly, my background in marketing slightly influenced this example. However, in working with many banks and credit unions, it is not uncommon to see them increase both the presence and the role of marketing at the decision-making table. It’s a brand-driven world and bank and credit union marketers not only deserve but require a more prominent place.
Magic wand day-dreaming is fun. In a lot of ways it’s like the old Back to the Future movie conundrum (what would you change if you could change and what might the repercussions of those changes be?). Now that you’ve read a few here, what would you do with your bank or credit union magic wand?