MADISON, S.D.–The CEO of one small credit union is sharing how she goes about having the difficult conversations that come when members are experiencing difficult times financially.
In an interview with the Dakotas Credit Union Association, Tanya Hobson, CEO of the $48-million East River FCU, shared how her earlier experience working in business development, which she hosted lunch-and-learn sessions on financial literacy, has taught her lessons in having difficult conversations.
“There aren’t a lot of people who are eager to raise their hand and say, ‘I don’t know how to handle my finances,’” Hobson told the DCUA. “We’ve tried to eliminate that negative connotation.”
Turning Negative into Positive
In the interview, Hobson said she seeks to turn the negative into a positive by making financial well-being more personal and a natural part of members’ interactions with the credit union. At East River Federal, employees initiate conversations about financial well-being when the opportunity for improvement arises during the course of business, according to the DCUA.
“It’s one-on-one,” Hobson told the association. “It’s personal and it’s not as intimidating…When we train our team, we tell them we’re essentially financial physicians. People go to a doctor to get well and we want them to come to the credit union to be financially healthy. You can Google your symptoms or look them up on WebMD, but you still have to go to the doctor or eventually you’ll get sick. We have to help our members overcome their financial symptoms.”
For its efforts, East River Federal received a 2021 Desjardins Adult Financial Education Award, which honors credit unions, chapters, and leagues for their commitment to financial literacy, the DCUA noted.
‘Persistence & Accountability’
Hobson told the DCUA she likens first connections with members on financial well-being to sales in that both take persistence and accountability.
“Employees have to get comfortable with it,” she says. “Pretty soon they realize they’re improving our members’ financial lives and the light goes on. I’ve had employees tell me how rewarding that can be.”
Hobson told the DCUA being a smaller credit union in a small community can be an advantage.
“A lot of our employees have grown up in this area and some have gone to the college here,” she told the association. “They know our members and they know what they’ve gone through. If they can help them get out of a vicious circle, it's an awesome feeling.”
The full interview can be found here.
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