Community Chair

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The pandemic has caused a lot of Credit Unions to re-evaluate their strategic conditions. Driving changes within the organization is time-consuming and requires willingness and open minds that are ready to accept ideas. Choosing merger strategy or organic growth, willingness to scale or finding a partner are some areas that are being explored today.

 At the 6th Annual CULytics Virtual Summit, we dived into the organizational transformation journey of  Valley Strong Credit Union with Nicholas Ambrosini, Chief Financial Officer, and incoming CEO. In this article, we share some insights from our conversation with him. 

  1. Before the opportunity for merger presented itself, the credit union took its time to conduct surveys and research throughout the organization and worked towards analyzing what would work. An important takeaway Nick shared was that - “ When you are looking at a merger, it is important to take note that no two cultures are exactly the same. Spend as much time on the people side of the merger as you would on the technical aspects of it.”

  2. To push the methodology of change within the organization, it is important to embrace the growth mindset within the organization and to think without limits as to what is possible. This requires repetition and constant instillation.
  3. Cultural changes are not to be undermined and it is important to have an understanding of what the present organizational culture is. It is easier to recognize the changes to be made. Being present and having empathy are the building blocks for trust within the organization. Good practices from the other organization should be incorporated.

  4. Trust is an essential component of all Credit Union’s value proposition and is very elementary. Right messaging will help actualize trust within the organization.

  5. The future of Fintech in the Credit Union space is growing. Instead of being a fast follower, you should be an early mover to make a meaningful difference.

  6. The new generation of CU Leaders should embrace resilience. Banking is a risk management business, and you will not succeed if you try to avoid risk. Be prudent but continue to push the envelope.

While Pandemic has brought a lot of challenges, credit unions that look at these challenges as opportunities have continued to rise against them. As Nick mentioned, this is the time for credit unions, to shine and grab the opportunity to give back to the community.

Watch the full discussion here.

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