MUSKEGO, Wis.—CUToday.info is preparing to unveil an extensive series of articles offering a vision on where credit unions will be in five years, and what foresight might help to get them there, called Credit Unions 20/20. Below, Bob Fouch, CEO of Corporate Central in Muskego, Wis., whose views will be featured in that upcoming series, shares his thoughts on leadership of a different kind.
“Credit unions should be leaders in their communities regarding financial literacy–helping people at a very early age to learn to manage their finances. People are devastated by their own poor financial decisions. We can help prevent that, hopefully early on in their lives. Every act of educating one person will lead to a multiple number of successful credit union members down the line. As we provide these stepping-stones for success to our members, to their families and to our communities, we are creating a ripple effect that will strengthen and grow our individual credit unions.”
As for the type of leadership every credit union should be providing over the next five years, Fouch offered this observation: “Be involved in the journey of those you serve. Put passion into your work. Think about the impact you have on each and every life—the stress, the happiness of one family can be impacted by you and your credit union. We are really here to serve those people who own the credit union, those people we serve every day. Take extra steps to make a difference in their daily lives. Ensure that your members really understand the value proposition of their credit union—the profits come back to the members through lower loan rates, higher deposits rates, more free services, less fees, and one-on-one service that’s second to none, no matter how much money an individual has on deposit or in loans.
"Make the concept of ownership meaningful. Value and appreciate every opportunity to sit face-to-face with individual issues. Every member is important. Every member need is relevant.
"If you cannot find ways to maintain your relevance and add to the value proposition for your membership, you more than likely won’t be around five years from now. It’s great to be competitive, but not at the expense of survival! Help your individual members achieve their financial goals, one member at a time. We’re here to help people. We’re a cooperative, people working together for the benefit each other’s lives.”