Credit unions have a great integrity opportunity for building their business

Big banks making big profits! That’s the trend we’re seeing at the moment. Yet it doesn’t seem as if the banks are passing on any of those benefits to their customers. High interest rates on credit cards, gotcha fees and penalties are still common experiences for most people. So while big banks are steadily destroying the bond of trust with customers, credit unions have a great opportunity to invest in their integrity and build their business.
With a single minded focus on customer relationships, credit unions can win customers over from banks and keep them. In practical terms that means looking at their fee structure and determining how much they can give up in order to win additional customers. What’s more, operating in an open and fair way with customers, paying attention to customer service and thinking creatively about new products will fill a need that’s not being met by banks. Credit unions are poised to capitalize on the short sightedness of the big banks and have a successful 2011.

Bank of America provides a great lesson for any business

I read with interest about the behind the scenes work B of A has been doing in response to the possibility that Wikileaks could release embarassing documents about the bank. It reminded me of a quote from the CEO of Best Buy when he said "There's no such thing as an internal memo anymore." It's an important lesson for any company. Don't do something in secret that you wouldn't do in public. It's not worth it. If you do, it's kind of like building a business with landmines that could go off at any time. Simply put: you have nothing to hide when you're creating long term value!