WWJD? (What Would Jerry Garcia Do?)

WWJD? It’s a question that I’m sure is on the minds of many people. What would Jerry do? Jerry Garcia, that is. And what he would do, if he were a credit union CEO, that is. It’s a question that I’ve addressed in two recent conference presentations, first at the CU Directors Conference last summer, and then again to the Young & Free Spokesters’ meeting held the day before the CU Water Cooler conference last fall.

Sh!t Credit Unions Say

Have you seen the YouTube video from Summit Federal Credit Union titled Sh!t Banks Say? Kristen Christian (Bank Transfer Day creator, and hero to thousands of creditunionistas) calls the video “an example of stellar marketing.” My take: At a minimum, this video is ineffective from a marketing perspective. Potentially, however, it could be damaging to the credit union’s reputation. Why? The hypocrisy of Summit — and let’s face it, lots of other credit unions, as well — to bash banks for charging fees when its own fee schedule is no better is a shame.

Big Banks Have Better Customer Service Than Credit Unions?

An article on MainStreet, Study: In Customer Service Battle, Big Banks Win, reports on a study conducted by RateWatch and IntelliShop that found that: “Credit unions, for all their benefits, just aren’t as good as big banks at closing the deal with prospective customers.” My take: The title of the MainStreet article is a gross misrepresentation of the study’s results.What the study captured was the sales performance of the different types of FIs, not the customer service performance.

Mobile Banking Delusions

Bank Technology News reported on a survey of bank executives which found that 87% say the hope of strengthening customer ties is driving the development of mobile banking apps at their institution. My take: What flavor of kool-aid are the 87% drinking that make them think that mobile banking apps will “strengthen customer ties”?

The Fat Lady Ain’t Singing To The Banks

American Banker ran an article titled Time to Face the Music On Disintermediation in which the author stated: “In spite of all the regulation that helps prop up legacy business models and protect established companies, much of banking is ripe for digital disintermediation-and it’s starting to happen already. Fundamentally, banks connect those with money to those who…