By Fred Johnson
… But not in the way you might expect.
Best known for its tax preparation services, H&R Block is working to enter into “Everyday Financial Services,” we learned July 29 during an afternoon Advanced Leadership Institute session presented by Harvard Business School Professor Peter Tufano and guest speaker Bernie Wilson, Block’s VP/tax product development.
Tufano introduced a case study about EFS that was “still being edited” —a first for HBS—giving ALI students an unusual glimpse into a project still under construction. Block’s plan is to reach its “large client base of 18.7 million Americans” with much more than once-a-year tax return preparation. Its clients are “low to moderate income American families, with 58 percent of the 16.3 million retail office clients earning less than $30,000 per year.”
Wilson, who spearheaded the EFS proposal at Block, brought the case study to lfe. He told the class that Block has already applied for a charter from the Office of Thrift Supervision.
With classes done for the day, I was honored to present, along with HBS Professor Dwight Crane and California Credit Union League Executive Vice President Matt Davidson, certificates of completion to participants in the inaugural class of ALI.
On July 30, the final day, Professor Crane wrapped up with a discussion of Progressive Insurance under the topic, “Capturing Value in the Converging World of Financial Services.” The concluding session by Crane and Tufano is “Credit Union Challenges: Taking the Learning Home.”
Heard throughout the final days were comments that, summarized, said, “This was the most incredible course I’ve ever attended. These professors really did their homework about credit unions and our business. They consistently blended academic theory into the reality of our everyday lives. And, the Harvard Business School is one incredible place.”
As a parting gesture, the class collected money for a donation to Children’s Miracle Network.
Fred Johnson is president/CEO of CUES.
