Kent Oram says credit union leaders must embrace change to remain relevant.
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Q&A with Kent Oram
Kent Oram will retire as CEO of Idaho Central Credit Union (ICCU) in December after nearly 40 years with the organization.
Oram joined ICCU in 1984. During his tenure as CEO, which began in 2007, the Pocatello, Idaho-based credit union grew from $613 million to $8.7 billion in assets.
Oram shares insights into his tenure at the credit union and offers advice for future leaders.
Credit Union Magazine: How has the movement changed since you started your career and what’s the same?
Kent Oram: Credit unions in general are less cooperative and more competitive with each other. The number of credit unions and banks has shrunk dramatically. Other competitors have entered the market.
Consumers have more choice, which is a good thing. More sophistication and competition also lead to more career opportunities at credit unions.
Credit unions offer the same products, services, fees, and rates, generally speaking. Most have matured to become very competitive community institutions.
Traditional financial services are under threat from a wide variety of new competitors. Solidly run credit unions with an eye to the future compete very well.
Q: How will you stay involved with Idaho Central and credit unions in general during retirement?
A: I will not be involved with Idaho Central Credit Union except as a member and interested observer. I do not know if I will be involved with the credit union industry in general. You never know!
Q: What advice do you have for future credit union leaders?
A: Embrace change. Focus on relevance in the market. If you aren’t growing, you are dying.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.
