how to make the competition irrelevant

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HOW TO MAKE THE COMPETITION IRRELEVANT Utah Credit Union League
May 2015
St. George, Utah
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AGENDA
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What do the smarty pants have to say? → 
How to make the competition irrelevant
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Look at some examples
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Why is this so important?
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We good? THE END GOAL
A
XYZ FCU C
G
Consumer
B
E
D
F
Competition
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SMARTY PANTS LAND We have 3 basic choices Differentiation
Cost
Leadership
Focus or
Niche
Source: Porter, M.E., "Competitive Strategy: Techniques for analyzing industries and competitors" New York: The Free Press (1980)
SMARTY PANTS LAND
Cost Value Innovation, or Blue
Ocean Strategy
Buyer Value Source: Blueoceanstrategy.com
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SMARTY PANTS LAND
What are you deeply
passionate about? What can you be best in
the world at? What drives your
resource engine?
Source: Good to Great, Jim Collins
SMARTY PANTS LAND…FINALE “The essence of strategy is choosing what
not to do.”
- Michael Porter
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S O
H O W … TO MAKE THE COMPETITION IRRELEVANT Eliminate
Reduce
Raise
Create
S O
H O W … TO MAKE THE COMPETITION IRRELEVANT Source: Uncommonservice.com
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EXAMPLES TO CONSIDER G E N E R A L LY W H A T W E S E E @ F I L E N E Table Stakes
Risk Management, Loan Growth, Non-Interest Income
Growth, Member Growth, Channel Delivery Experience,
Service Indicators Key Strategies Mobile Outreach Segmentation Approach
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W H Y S O I M P O RTA N T … Source: Consumer Financial Protection Bureau
W H Y S O I M P O RTA N T … Source: American Bankers’ Association
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W H Y S O I M P O RTA N T … Source: Accenture, 2014
W H Y S O I M P O RTA N T … In one month, October 2014, 42 new FinTech startups and 2.5B in new funding
Source: Venture Scanner
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O U R
N A M E S A K E
A PARTING THOUGHT
“The moment a business ceases to
be an experimenter and comes to
regard itself as an expert, it may be
sure that dry rot has set in.”
-Edward A. Filene
NEW RESEARCH FOR DOWNLOAD
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George Hofheimer | [email protected] | www.filene.org
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