Doug Leighton
FOSTER CITY, Calif.—Credit the energy of the youth in the CU community—specifically those known as the “Crashers”—for planting a seed that has led to a new partnership between Visa and credit unions.
In partnership with the Filene Research Institute and the Credit Union Executives Society, Visa announced today at CUNA's Governmental Affairs Conference that it is pledging $1.5 million over the next four years to help build the next generation of credit union leaders.
Visa will partner with Filene to sponsor the War for Talent Center of Excellence, the fifth such Center for Excellence to be introduced by Filene. The others include the Center for Consumer Decision Making, sponsored by CUNA Mutual Group; the Center for Organizational Entrepreneurship, sponsored by PSCU; the Center for Performance and Operational Excellence, sponsored by Fiserv, Alliant Credit Union and Christian Financial Credit Union, and the Center for Emerging Technology, sponsored by CO-OP Financial Services and BECU.
Doug Leighton, SVP and head of community accounts at Visa, told CUToday.info that what started it all was meeting a group of Crashers—a program from The Cooperative Trust that annually brings young professionals to CUNA’s Governmental Affairs Conference—at the 2016 Herb Wegner Awards Dinner.
“I was at the Wegner dinner last year and we had some Crashers at our table,” said Leighton. “I am close with credit unions and know them well, but I was not very familiar with the Crashers. The Crashers at our table were from different credit unions and served in different capacities. But what was consistent among them all was their high energy and the enthusiasm they have for credit unions.”
CUs Need Young Talent
Leighton said Visa has stayed in touch with those Crashers, and in that time learned they are very willing to be mentored.
“That experience with the Crashers has been transformative for me,” said Leighton, who noted that based on his earlier interactions with credit unions across the country he was already aware CUs need an influx of young talent.
“I have been working in financial services for more than 30 years. And to see these younger folks who figured out early in their career that credit unions are the place for them, and that credit unions can provide a rich, fulfilling and mission-driven career, hammered home an important point for me.”
That point, said Leighton, is that credit unions have to establish a strong pipeline of young, talented people entering the movement. Visa’s long-term investment will provide research, education and support needed to attract new talent, Leighton said.
“Visa will be working with our partners to provide a continuum of engagement that supports future leaders from the start of their career through assuming leadership roles,” said Leighton. “Together, Visa hopes to cultivate fresh thinking and innovation that will benefit the credit union movement for decades to come.”
Leighton said Visa will support three important initiatives:
- Visa will partner with Filene to sponsor the War for Talent Center of Excellence. This four-year commitment brings together both industry and academia to create a body of research on attracting, developing and retaining top performers that will benefit the entire credit union industry.
- Visa will partner with the Cooperative Trust, to sponsor the Crashers in an effort to help keep young leaders already in the credit union movement excited about advancing their careers.
- Visa will partner with CUES to support the CEO Institute program, which provides educational resources for credit union leadership to enhance their experience and expand their role in the industry.
Leighton explained that the War for Talent Center of Excellence is a new Filene initiative that has been added to the Institute’s Centers of Excellence offerings.
“The War for Talent Center of Excellence dovetails into this notion that there is a growing need to have a healthy pipeline of young talent coming into credit unions,” said Leighton. “There is great alignment between Filene and Visa in this effort. We are not only providing financial resources but intellectual resources as well. Visa has already done a lot of work around how we can make Visa an attractive place for the next generation of talented individuals to work and build their careers. We will partner with Filene in the research and in some of the design of the program.”
War For Talent
The War for Talent Center of Excellence is a three-year research effort being headed by Sekou Bermiss, an associate professor at the University of Texas in Austin. The goal is to conduct research, hold colloquiums, and publish a number of targeted and detailed research publications that provide the thinking behind, and possibly job descriptions, about what it takes to make credit unions attractive to a younger generation, Leighton said.
“Credit unions, even those associated with universities, struggle to attract young talented people who will someday be the leaders of their organizations,” said Leighton. “They struggle against banks, fintechs and technology companies to attract this talent.”
Leighton said attracting young talented people is as an important an initiative for the future of the CU movement as anything in front of the industry today—including regulatory relief, and FOM and MBL expansion.
“Visa wants to support credit unions to make sure there are a lot more young people in the movement bringing not only their future leadership skills but also their enthusiasm and creativity to product and service design, helping to make sure CUs remain a vital part of their communities,” said Leighton.