Focusing your business model around community involvement isn’t just a feel-good exercise—it’s a formidable strategy that can provide a foundation for success.
That’s the advice from CEOs of three credit unions who have reaped the benefits of integrating their organizations into the communities around them.
“You’ve got to own your market,” says Brandon Michaels, CEO of $588 million asset Mazuma Credit Union in Overland Park, Kan. “Community shouldn’t just be this thing you do once a year. Infiltrate yourself into the community–you will become them, they will become you.”
“Our secret sauce is community involvement,” says Jeff York, CEO of $1 billion asset CoastHills Credit Union in Lompoc, Calif. “A lot of financial institutions talk about it but don’t put their money where their mouth is.”
“Put a lot of money into things that move the needle for the city,” says Stephanie Sievers, CEO of $106 million asset ANECA Federal Credit Union in Shreveport, La. “We want to bring in new businesses for bigger employment. Are we adding value to that story? Are we giving you reason to move here?”
The trio offered a framework for their business models at the CUNA CEO Council Conference Tuesday in San Diego.
NEXT: Jeff York, CoastHills Credit Union