(Revised edition of an article originally published on CUInsight.com).
As I sit here, in day whatever of social distancing, I have decided to share some things I think I think. My apologies to Peter King.
1. This is not the “new normal”. It is the current reality, and it sucks. But to get to the “new normal” we must go through this social distancing to impede the spread of the coronavirus.
2. Credit unions are a PEOPLE business. Now is the time to live, breathe and execute upon that core tenet. The current focus for credit union leaders – hell, everyone – must be people. Profits, new products, loan growth, mergers, vacations, concerts, sports will be there eventually. Will your family, friends, internal members (employees) and external members? Care for them now so they will return, more devoted than ever.
3. NCUA must recognize the abnormality of the current situation and adjust their exams, criteria and responses accordingly.
4. Boy, I miss live music and sports.
5. People are great. There are at least 10 examples of the power of human spirit for every example of bad behavior.
6. People appreciate that you care enough to check on and think of them.
7. This current reality should not alter the strategic vison/plan. An actual strategic vision will not be altered by short term events. However, unless you are Nostradamus, your business or operational plan has been shredded. These short-term, tactical plans determine the how and when the overall strategy is achieved. The strategic plan is the why of the business, not the how or when.
8. We need to take advantage and learn from this time of working from home and expanded video interfacing to enhance future service deliveries and internal operations.
9. Extra attention must be focused on IT security. The added work from home access and external communications create additional vulnerabilities.
10. I wish all merchants accepted contactless cards and Apple Pay.
11. It will feel great to go to a crowded restaurant to eat, drink and be merry with family and friends.
May you stay positive and test negative my friends.