Category: Observations

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All Credit Unions Start “Small” but with Large Visions

Can you name the credit union whose initial name is shown in the image below?

Two hints: It is state chartered, as you can tell by the name. And it was formed during the Depression by 18 employees who each contributed 50 cents for total capital of $9.

The answer will be a blog posted on the anniversary of the credit union’s charter later this year.

The names of all who submit the correct answer will be recognized as “cooperative historical scholars.”

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Songs Triumphant

Music has the power to capture, amplify and commemorate our highest emotions. Life’s most joyous moments are memorialized in song. Music uniquely expresses the feelings of jubilation after having won a victory or mastering a difficulty.

Many know this experience from the playing of school songs following a victorious sports contest. Marching band music honors parades of returning heroes. Even a song from a Broadway musical (Oh What a Beautiful Morning) can celebrate an important life event.

Celebrating a Political Exodus

When the British Empire was at its height, music was part of the national euphoria. One of my favorite examples of this victorious spirit is Handel’s oratorio, Israel In Egypt.

The oratorio is the story of the Hebrew’s flight from Egypt. The music paints multiple word pictures of the plagues and the drama of the fleeing slaves pursued by the Egyptian army.

The work is mostly for a double chorus with few solo arias. It is a joy to sing because of its musical exuberance embracing many emotional moods. And fast tempos.

The peak moment is the finale, “The Lord Shall Reign For Ever And Ever.” It reprises Miriam’s Song and the Song of the Sea. After the sea is parted and the Israelites are safe from the pursuing Egyptians, Moses and the children of Israel praise God for having saved them:

Then Moses and the children of Israel sang this song unto to the Lord, and they said: I will sing unto the Lord, for He has triumphed, O triumphed; horse and its rider He has hurled into the sea . . . 

For an expression of sheer exuberance, listen and watch this six-minute excerpt. Even the musicians are dancing! (https://www.youtube.com/watch?v=U0nMXunT3A4)

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The Next Step: One Study on How the Pandemic is Changing Organizational Priorities

A colleague sent me this report from the IBM Institute of Business: “COVID-19 and Future Trending Insights”

It summaries five ‘epiphanies’ from multiple surveys of leading executives.

“Our research suggests five key discoveries for the post-pandemic business landscape offering new perspectives on digital transformation, the future of work, transparency, and sustainability. Together, they provide a playbook for proactive leaders who understand that old ways of working are gone.”

My take away for credit unions

The fourth epiphany is the one that could be most relevant to coops.

“Epiphany 4: Some will win. Some will lose. But few will do it alone.”

The conclusion on page 6 reads:

“Within sectors, expectations are growing that broader reach will help define winners. Our data also point to greater reliance on platform business models and partner networks, with 70 percent of executives planning significant partnering activity inside their industry and 57 percent looking outside. Either way, they expect such participation to grow more than 300 percent over the next two years compared to two years ago.”

The graph illustrating this executive intent is headed as follows:

“Businesses are partnering up

Executives say they plan to participate in platforms, ecosystems and partner networks significantly more in the future than before or during COVID-19.”

The strategic question for credit unions: Who are the “partner networks” that are critical to your future?

One CEO phrases the challenge this way: “As we face the future, you cannot make the mistake of dreaming about going it alone as the next step. The next step is always best served by your faith to go at the edge through collaboration.”