Know When to Disembark Your Ship – or Change Course

“There is nothing so stable as change.” That’s a quote from Bob Dylan, and if you have any significant amount of life experience, you’re probably nodding in agreement right now. Nothing ever stays the same, be it your job, your relationships, the city you live in or your body, and those who fully accept that change is inevitable and learn to stay present as the storms come and go are more likely to be at peace. This isn’t the easiest reality to embrace, though – who really wants to leave a situation that feels like a cozy cocoon, where the days are safe and predictable, for a risky unknown?

Based on the many pages of content we read and conversations we have as part of our work here at CU Times, we know there are some people in the industry who would rather not climb out of their cozy cocoon. And we hope to ease some of their fears by publishing content that emphasizes the importance of evolving. One common message in the op-eds we run is, “The financial services industry is changing, especially as it relates to technology, so you better make changes accordingly if you want your credit union to survive.” Harsh, but true.

One great example of this involves fintech companies. When people first started buzzing about these disruptors, the sense was that they could pose a threat to credit unions and steal their business by offering quicker, easier, cheaper versions of loans and other financial services. Now, many in the industry believe the best reaction to fintechs’ entrance into the market is not to compete with them, but team up with them. This summer alone, we’ve published around six articles focused primarily on creating successful partnerships with fintechs. In one recent article, BankLabs President Matt Johnner wrote, “The purpose of a partnership between these two entities is cooperation, not competition. By contributing areas of expertise into a collaborative product that reimagines the future of banking by creating new fee income, attracting deposits and generating new loan volume, credit unions and fintechs can achieve service excellence – the goal for which they are both striving.” Sounds like a perfect example of bringing the age-old phrase “if you can’t beat ’em, join ’em” to life.

Those who are afraid to take a leap like working with a fintech – who stubbornly believe the way credit unions have been operating is just fine, thank you very much – you should know that this is hardly the only industry experiencing major changes as a result of disruptive technology. One obvious example, which hits close to home for credit unions, is the taxicab industry that suddenly faced tremendous competition from ride-sharing apps. We all know how that turned out.

Here’s another example of an industry in flux that sits much further away from credit unions: Entertainment. Think about how you consume movies and TV shows now compared to 20 years ago. Chances are, you use a streaming service like Netflix, Hulu or Amazon Prime, and access content from multiple devices. You may not have cable TV, and you might visit the movie theater on occasion, but because you can now conveniently pop by a Redbox or buy a movie on iTunes, going out to see that summer blockbuster isn’t as popular an event as it once was. Consumers can take their pick from an encyclopedia of content these days, taking away the power major movie studios and TV networks once had and forcing them to cut their budgets and take on fewer projects. Still, those major movie studios and TV networks are where the big bucks are, and the dwindling number of “big” opportunities has impacted actors, producers, agents and others working in entertainment. This issue was detailed in a blog post by Hollywood producer and manager Brian Medavoy, who said it’s an “enormous challenge to become a household name in a world supersaturated by media. The floor has been raised and the ceiling has been lowered.” Plus, many actors who got rich did so through the airing of reruns, which on-demand streaming services have made obsolete.

Some people reject a form of technology that’s disrupting their industry and hope it goes away, only to be left with no choice but to go along for the ride in the end. Remember when Taylor Swift refused to put her music on Spotify? In 2014, she wrote in a well-publicized Wall Street Journal essay, “Music is art, and art is important and rare. Valuable things should be paid for.” Now, her entire catalogue is available on the streaming service, where users can listen to virtually any song ever recorded for free (or ad-free for a monthly rate of $9.99).

The moral of the story is, don’t become too attached to your ideas of how your life or career will go, because inevitably, something out of your control will pull you in another direction, and the best thing you can do is be open to that. Industries will continue to change, requiring professionals to rethink their careers. Some will have success applying their skills to a new role (like the many journalists who left or were laid off from newspapers and transitioned into more relevant roles, like online publication writing or corporate communications). Others may have to seek education that allows them to start over in a new field altogether.

Even if your situation feels totally stable, it’s not a bad idea to consider what you might do if it suddenly changed. What types of career moves would you consider if your role at work became obsolete due to AI advancements, for example? Who could you reach out to for support if you had to start over in a new city? To prepare yourself, you could spend more time networking or developing a new skill through an online course to make yourself more marketable should you need to switch gears, or reach out to an old contact who lives far away. I’m not saying to live in fear and expect the worst, just to accept the reality of impermanence.

As technology continues to change the way consumers live their lives, including how they manage their finances, the worst thing credit unions can do is refuse to budge from their old ways. If they do, at some point they’ll face a clear choice: Sink along with the ship, or bravely climb the ladder onto the helicopter hovering above.

Natasha Chilingerian is managing editor for CU Times. She can be reached at nchilingerian@cutimes.com.