In the world of member business lending (MBL), collaboration and teamwork are paramount for a credit union to succeed. Much like the cooperative board game Forbidden Desert, where players must unite to gather resources and beat the clock, credit union teams need a shared, strategic mindset to excel in MBL. This article delves into how lessons from cooperative games (or just collaboration within your credit union) can help your credit union enhance internal processes, foster cross-departmental alignment, and deliver exceptional value to members – while at the same time meeting the needs of your member business owners!
The Value of a Team-First Approach
A successful MBL program isn’t the result of isolated efforts but rather the seamless collaboration of multiple departments working in harmony. Think about the essential roles in lending, from loan officers and risk analysts to marketing and member services. Each function relies on the other to ensure efficiency and member satisfaction. By breaking down silos and nurturing a culture of teamwork, credit unions can ensure their MBL efforts remain holistic and member-focused.
Just this week for example, I spoke with a very successful MBL team, and they shared that their growth is absolutely reliant on the retail branch network. While those member businesses enter the branch to do very specific transactions that the branch is able to do incredibly well, they will “phone a friend” in the Member Business Lending team to do some quick cash flow analysis and help determine if there is a good business opportunity there or not. Each player is taking on their role and working together – just like the players around the board for Forbidden Desert! So, let’s see what lessons the game makers can teach bankers.
Lessons From Forbidden Desert
At its core, Forbidden Desert challenges players to share resources, anticipate teammates’ moves, and adapt to rapidly changing conditions. These principles can be directly applied to MBL:
- Shared Resources & Insights: Each team in the lending process must have access to the same data, and insights to make informed decisions. With a member-centric focused loan origination solution, every team player, regardless of their role in your credit union, will be able to support and more importantly know what is needed for the member business to be successful! Equipping everyone with a unified MBL platform enhances communication and minimizes errors.
- Strategic Collaboration: Just as game players discuss and coordinate their actions, credit union teams must align their goals and workflows. This ensures that no step in the MBL process is overlooked or disconnected. Not only is this critical to have an effective process internally, but it provides an amazing experience for your borrowers.
- Agility in Decision-Making: Lending environments, like the game’s shifting sandstorms, are unpredictable. Credit unions need flexible processes and strong interdepartmental trust to adapt quickly to member needs or regulatory changes. You have to have trust and the ability to pivot to be successful at every level.
Building the Foundation for Cooperative Success
To emulate the teamwork of a cooperative game within your credit union, focus on these critical areas:
Process Integration
Ensure every team involved in MBL has clearly defined roles and understands how their contributions fit into the broader member experience. Your retail branch, while not always focused on MBL, can be that front line to grow that portfolio. Again in a conversation with a credit union, they shared how they have flipped their processes to be more business focused versus retail. While lending on homes and cars is still critical, they also see that the processes to support MBL is needed as well. It is critical for Credit Union executives to build workflows that connect departments, rather than isolate them, and use technology to streamline processes.
Ongoing Training
Regular training sessions in team-building and MBL fundamentals can enhance collaboration. Consider hosting workshops or collaborative simulations based on cooperative games to model trust and coordination. Just like playing a “collaboration game” where we all win together or not requires a change in the mind set of the players, it is critical that your credit union lending teams understand that business lending is a different mindset and the training in MBL makes a huge difference.
Member-Centric Mindset
Keep the members’ needs at the center of all discussions. By remembering the shared goal—enhancing members’ financial well-being—your credit union’s team can avoid conflict and work toward a common purpose. Just like in Forbidden Desert there is a shared goal of getting out of the desert, successful credit unions have to maintain that shared vision as well.
Turning Challenges Into Opportunities
Just as players in Forbidden Desert face unexpected obstacles and must think on their feet, credit unions operating in the MBL space encounter challenges such as changing market conditions, regulatory updates, and resource constraints. Rather than seeing these as setbacks, turn them into opportunities by fostering open communication and maintaining a forward-thinking outlook. A team-first approach ensures your credit union can adjust strategies and overcome barriers with confidence.
Looking Ahead
Collaboration is a skill that evolves over time, and opportunities to strengthen your credit union’s cooperative culture are always within reach. Adopting a team-first mentality not only enhances the efficiency of your MBL program but also demonstrates your commitment to delivering value and reliability to members.
Stay tuned for the next blog in this series, where we’ll explore how principles from Dungeons & Dragons can inspire innovative solutions in the member business lending space. Just like a Dungeon Master sets the rules and guides the story, the structure and leadership within your credit union play a vital role in shaping success. Together, we’ll continue to unlock your credit union’s potential for epic achievements.
This blog is part of a series: Winning at Member Business Lending. Check out the other installments in this series:
Twister and the Challenge of Coordination
Mastering the Game of Member Business Lending: Navigating the Rules You Can’t Control
