By Donya Parrish
I recently came across an article about the “compliance mindset” that financial institutions have and how it either helps or hinders their ability to adapt to change. While reading the article, I was struck that the “mindset” idea applies not just to the area of compliance, but to the future of credit unions in general.
Consultant Pam Perdue explains in What’s Your “Compliance Mindset”? that “a “growth” mindset allows an individual to pursue success more vigorously and explore a wider range of options for achieving it. “Fixed” mindset folks, on the other hand, “tend to stay within their comfort zones, believing that venturing outside of their pre-defined personal limits will result in danger and/or failure.”
Does your board have a mindset? How about your management team? Does your staff resist any change to “the way we have always done it”? These attitudes can be invisible to members, but detrimental to your credit union’s ability to adapt to the fast-paced environment that many consumers are expecting, and demanding.
But, don’t despair if you think this might describe your credit union. Pam also gives some sound advice on how a board can support moving into more of a growth mindset. She suggests “the board’s level of oversight and commitment is demonstrated by making appropriate resource allocation for the size and complexity of the institution, hiring and retaining competent and knowledgeable staff, developing and enforcing a suitable governance structure, and assuring proper third-party due diligence and oversight.”
I have great faith in the commitment of the volunteers in Montana and your desire to see not only a strong credit union, but one that supports members and communities as well. Your future is bright!