As our credit union conference season heightens, many of you may find yourselves heading to one frequently traveled conference capital: Las Vegas. Outside of my credit union life, I recently saw a Dave Matthews Band concert two nights before America's Credit Unions Governmental Affairs Conference launched at the new Dolby Live at Park MGM. I enjoyed an incredible treat at this show, which projected sound, unlike any other concert I’ve attended. The crystal-clear surround sound was as smooth as soft butter melting.
Another Las Vegas venue that has been getting much attention is the $2.3 Billion Sphere. After forty U2 concerts, it now hosts yet another two jam bands, currently Phish and Dead & Company, in July 2024. Reading Josh Cornfields’ AP News interview with Phish’s Trey Anastasio, I started thinking about the unique value jam bands bring to their remarkable followings.
Jam bands ignite a unique approach to music and concerts. Unlike traditional concerts where artists perform a fixed setlist, jam bands often take their basic song structures as mere starting points for exploration. This results in performances where all shows differ, offering a fresh experience even to their most loyal fans. This unpredictability is thrilling; fans revel in the spontaneity and the surprise elements that unfold on stage. Those who enjoy Dave Matthews Band shows with me often speculate for weeks about the set list we might hear and their approach to playing different songs.
In a recent conversation with Randy Harrington on the Despite Impossible podcast (full episode here), Randy shared how he was inspired by the words of author Alan Watts, who described the state of Zen as being deliberately spontaneous. He may not have noticed, but his love for jam bands is likely one reason why the oxymoron of beingdeliberately spontaneousspeaks so loudly to him.
So, what might credit union executives learn from jam bands?
First, an executive team, just like a band, requires strong communication and coordination. The best executive teams are inspired by new ideas, and they build upon them collaboratively. The result is additive. Members of these bands are typically highly skilled musicians who are adept at their instruments and excel in harmonizing with each other's improvisational flights. There is space for everyone to shine under the spotlight of a solo. The band (or the credit union) allows it. It enforces the performance, leading to that individual performing their craft at their best, regardless of whether the craft is playing the guitar, forecasting financials, or leading an enterprise risk management effort.
Jam bands cultivate a communal atmosphere in their performances, fostering a sense of unity and shared experience among fans. The band's reciprocal energy and engagement with the audience nurtures such dedication, making each performance a concert and communal celebration. Could being part of a financial cooperative become part of a cultural sharing experience? Credit unions ignite impossible dreams for human beings. I believe our industry can light up passionate emotions and thereby encourage the best performance from our talented team members as they find creative ways for our members to fulfill their impossible dreams.
The cornerstone of these bands is their exceptional approach to differentiation. They realize that experiences are unique, there is flow, and they transform each concert into an exclusive event. As credit unions, we can enhance the approach to personalization of our service through improvisation. Our closeness to our communities allows us to tailor offerings that significantly enhance member satisfaction and loyalty.
Credit unions can build joy. Our engagement strategy can mirror the experiences that the Grateful Dead’s devoted fans enjoyed by fostering a welcoming environment, connection, delightful surprises, and encouraging interactions between the credit union and its communities and among members themselves. This energy can transform brand awareness for our industry and grow a loyal community.
We can create engagement. Jam bands are known for their extended events. After Grateful Dead concerts, you might find a three-cheese gooey grilled cheese sandwich to devour. A credit union can similarly turn its offerings into experiences that go beyond the transactional. Creating memorable, engaging moments is not limited to the confines of a branch, a website, or a mobile banking app. In what ways might we connect emotionally with our members and the broader community?
Adapting to feedback in real-time is a jam band’s superpower. They consistently adapt their performances based on the live feedback from the audience during a show. Similarly, credit unions must relentlessly build that listening superpower. It can lead to collaboration (in tech!), as I mentioned in a recent article.
The improvisational nature of jam bands shows a readiness to be spontaneous and flexible, responding to the moment. In the ever-changing environment of our credit union system, we can embrace flexibility in our operations, allowing for spontaneous decisions that enhance member service and operational efficiency. This is why strategy must be iterative. It is a living and breathing system that consistently plays off the change in tune and direction. When fluently executed, the result is nothing short of epic.
Credit unions understand their members and communities in an important and unique way. We can learn from the experiences jam bands bring to life and continue to build raving fans and an even stronger reputation as organizations that change lives and make the experience of financial services full of joy. Let’s build together toward the day when we walk into a conference hall, exchanging credit union stories as if they were recordings from live performances in a jam band community. And, if you have a chance to experience the live music of a jam band or otherwise, please share your experience with me. As the Grateful Dead sang, “…at least I’m enjoying the ride.”
