“Time flies when you’re having fun.”
So, the saying goes, and there’s legitimacy to it. For example, when there’s an event, special occasion or holiday, all too often you hear individuals remarking, “I can’t believe it’s already over.” That’s exactly the feeling I have running throughout my doughy life vessel since this year’s edition of Shark Week wrapped up.
Shark Week has been a major celebratory event for me since I arrived on Earth, probably because it is reminiscent of my home planet of Amicitia. Shark Week spends much of the time at sea, and while there are supple land masses on Amicitia, most of the planet is covered in a liquid not unlike your fresh water. Think of it as a melding of an aquarium and a terrarium, providing cool yet humid atmosphere that accentuates Amicitians’ slime coats.
Of course, the settings and multiple venues of Shark Week are not the focal points of the event. It’s all about the sharks. Details and informative insights are found in each Earth-hour broadcast. Species, diet, migration patterns, physiology… the list goes on and on. But one attribute of the shark that is most fascinating is their longevity here on Earth. We are talking millions of years, which is difficult to fathom, even for an interstellar traveler like me.
To survive eons and evolve into what they are today, sharks had to adapt to change. Nothing in the depths of the oceans remains the same indefinitely. Sharks had to find new ways to not only survive but thrive. If you look at it from a business perspective, they had to perform ongoing analyses of their own SWOT (Strengths, Weakness, Opportunities and Threats).
What are the sharks’ STRENGTHS that need to be flexed? What WEAKNESSES must be accounted for? Are there new OPPORTUNITIES as change continues? What is THREATENING their ability to succeed and thrive?
As much as I would like to dive right in and perform a SWOT analysis on my favorite breed of shark – the goblin shark – that’s not really going to help my credit union mortgage lending subscribers.
Just thinking about a shark SWOT analysis, it’s easy to replace sharks with credit union mortgage lenders. We are in a time of industry change, and to survive and thrive, we must look at our strengths, weaknesses, opportunities and threats. While each SWOT analysis is unique to each credit union and your mortgage operations, let’s look at some high-level examples to get you started.
Strengths: The first thing to enter my cranium is member relationships. It’s what a credit union is all about and why a credit union is best suited to be a member’s homeownership partner through the life of their loan and right into the time when they need their next mortgage. Related to this, a strong credit union mortgage lender must have a variety of home loan products to meet specific member needs. A credit union must also provide accessibility to yourself and the mortgage process for your member. Always remember that YOU are a true partner in their home journey.
Weaknesses: Depending on the size of your credit union, you may need to wear several hats with mortgages being just one of them. Rates are often tough to match when standing against huge lending institutions. Or, you simply may not have the resources that your competition has. It’s important to be very transparent with yourself in this part of the analysis. We all have weaknesses that must be accounted for and ignoring them could hurt your chances for success.
Opportunities: The lending world has gone digital, and you need to stay technologically savvy – it’s what today’s members want and expect in the home loan process. Another opportunity is developing new business partnerships with mortgage and real estate industry leaders, such as Realtors and professional associations. And when it comes to talking rates, make sure that you and the member know everything about the home loan that makes it a good solution.
Threats: My examples above already hint at many of our threats. For example, big lenders can throw lower rates and special offers out there and have the resources to promote them extensively. As well, they’ve acquired digital assets and capabilities to attract and assist potential borrowers. And today, our challenging purchase market caused by multiple factors can be viewed as a true threat to success.
Again, these are very high-level examples because each of you and your credit unions are different and will have varied results of your SWOT analysis. The bottom line is that if you analyze your mortgage operations and adapt to the ever-changing industry, you, too, can be a shark that not only survives but thrives during times of change. And, if you are a REALLY good shark, a huge chumsicle could be waiting for you!
OK, maybe not the best example to end this post on, but you get my point. Now go out there and be a shark, surviving and thriving to grow your business and help your members get their home loan!