Cast a compelling vision
I think a successful CEO of a credit union today is different than what was required 10 years ago. A CEO needs to cast a compelling vision that challenges the status quo and propels their institution forward.
Today, too many CEOs are leaders of yesterday and don’t actively engage their teams toward a forward-thinking vision. Team members of today want to be led differently than team members 20 years ago. Leaders need to adjust in order to motivate and inspire.
I’m not sure if CEOs need to know one thing more than another. Vision and strategic planning are vital to the future of credit unions.
Additionally, a comprehensive understanding of the role technology will play in the future of banking is critical to the success of the credit union.
Finally, an understanding of members’ expectations—the right members—is critical.
The future of banking is in our millennial and generation Z members, not in the baby boomers. They are important, too, but we need to start transforming our model now in order to be relevant to new generations.
Brandon Michaels, president/CEO, $576 million asset Mazuma CU, Overland Park, Kan.