WASHINGTON — Two credit union CEOs shared insights on management models, attracting talent even at smaller institutions and where to look for additional expertise.
Speaking during Mitchell Stankovic’s Underground Conference were Steve Castagna, chief revenue officer at AKUVO, who moderated; Jennifer Oliver, president and CEO of Rize Credit Union; and Erin Mendez, president and CEO of Patelco Credit Union.
Among the discussion highlights:
Castagna asked Oliver about her model and approach.
Oliver asked how many attendees had merger plans in their strategy; only a few hands were raised.
“We need to think about other models,” she said. “What are you doing to experiment?”
“Charters matter. We have unique value propositions we bring to the table every single day, and credit unions matter. So, when you merge them away, is there a way to keep those charters alive?”
Oliver said credit unions should think more like brands.
“Rize Credit Union is a brand — we’re not just a credit union,” she said, noting the organization recently completed a rebranding.
‘Difficult but Necesssary’
She added that collaboration is difficult but necessary.
“It gets hard in a room when you start to talk about how to execute on these ideas,” Oliver said. “What we can do at the Underground is challenge the norm.”
Mendez said credit union models ultimately come down to a simple question: what uniqueness are you creating that makes a difference in your community?
“You can put any spin on the latest technology or lingo on it,” she said. “Your model has to resonate specifically with whom you are trying to connect.”
Patelco invests in CUSOs it intends to use, she said, adding that partnerships must align with mission and niche.
A World of ‘Blurity’
“We live in a world of ‘blurity,’” Mendez said. “So, when you talk about brand, you have to ask: How do I, in five seconds or less, distinguish myself so I’m talking to those people, not the masses?”
On fractional leadership, Oliver said strategy may be similar across asset sizes, but execution differs.
“At a $100 million credit union, I didn’t have a chief marketing officer or chief innovation officer,” she said, recalling crawling under desks to fix PCs. She later implemented fractional leadership roles and now employs both full-time and fractional executives, including a chief innovation and technology officer.
“It’s the idea that you can build talent in your pool even if you can’t afford it full-time,” she said.
Mendez added that the right business partners can “augment your intelligence.”
“You have to think ‘external-in’ and use the power of every touchpoint you have,” she said.
