CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Fail forward
#CUFuture

Fail forward

Success requires two steps, says Mazuma Credit Union's Brandon Michaels: Play to win and fail forward.

January 9, 2018
No Comments
Brandon Michaels

As credit unions prepare for the future, Brandon Michaels says success will require two steps: Play to win and fail forward.

Too often, “credit unions sit back and wait for change to happen to them before they react,” says Michaels, president/CEO of $600 million asset Mazuma Credit Union in Overland Park, Kan. “If they’re not playing to win or aren’t being proactive and failing forward, I’m not sure they’ll be around.”

Playing to win means addressing change before it happens, Michaels says. “Credit unions need to have a winning mindset. They have to stop waiting for changes to act upon them,” and they need to “fundamentally change the way they think about their business.”

Having a winning mindset requires an “obsession” with the member experience, Michaels adds.

As change takes place, credit unions must take risks, even if those risks carry the potential for failure. That might mean deciding to no longer offer a product or service, or redesigning branches so they no longer have employees on-site.

‘Stop waiting for change to happen to you.’

That risk-taking philosophy should focus on members and what they want. “You need to become
ingrained and in tune with your membership and what they want,” Michaels says.

This could be difficult, however, due to the fast pace of change, he adds. And members might not know what they want until it’s available to them.

For example, Michaels says no one really knows what impact self-driving cars, electric vehicles, or changes in the gasoline industry will have on auto lending in the future.

“Consumers are starting to figure out that just because you say ‘that’s the way we’ve done it’ doesn’t mean that’s the way that it should be,” Michaels says. “And that’s changing the way consumers view financial services. A lot of times, consumers don’t know because they’re changing, too.”


Future Forum
This article is part of a larger focus on the future of financial services. Read more at news.cuna.org/cufuture. And use the hashtag #CUFuture to join the Future Forum.

KEYWORDS #CUFuture

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • Mascot Madness: East winner crowned; Midwest voting opens

  • Bill would establish ‘appropriate compliance timeline’ for section 1071

  • CUNA Mascot Madness: One semifinal set; Vote for the best in the West

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which West Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us