I recently had dinner with a former credit union executive who is one of the sharpest people I've ever worked with. Gina Maria Sacripanti spent 16 years in CU management. Two years ago she graduated magna cum laude from George Washington University's highly ranked MBA program. She then left her post as COO of FDIC FCU to become director of business development & marketing for the Washington Examiner.
I couldn't wait to ask Gina, "Now that you've been out of credit unions for two years what is the one main difference between your new corporate world and credit unions?"
Gina stammered a bit and considered some ideas. Finally she paused and summarized the difference in one short sentence, "Where's the cash?" She reported that everything she does in the corporate world revolves around profit.
Gina said she just negotiated a highly profitable deal. When she met with her VP and explained the deal the simple response was, "Great, so what are you working on next?" With a pat on the back, the celebration was over. Gina delivered profit-she was just doing her job.
With her new perspective I asked Gina to share her observations on "credit union land." Here are her thoughts:
- CUs do not market or brand themselves based on the differences that make them attractive to consumers. They do not effectively communicate to members and prospective members the benefits they offer.
- CUs need better long-term strategic positioning to leverage different or new streams of income.
- Finally Gina remarked that CU staffs have no idea how good they have it. In her corporate world if you don't perform you are fired-period. Credit union staffs make good wages with great benefits; they enjoy supportive working environments and most have no performance standards required to keep their jobs. They have no idea the pressure and performance demand corporate employees face to earn the same money they do.
- There is a lack of internal and external understanding of credit union mission, values and benefits.
- Credit unions need to find new ways to leverage their brand value to develop new revenue streams. This will add value for their members and help them navigate in a more competitive financial services marketplace.
- Staff brand awareness should translate into non-stop education of members on the benefits of the credit union. Staff should always be informing the members of all the ways the credit union can help protect their financial future.