... how did that happen?
How did SECU become such a large credit union?
With over 2.7 million members and @$50 billion in assets, SECU is the second largest credit union in the U.S. How did that happen? The answer is a focus on families.
While most credit unions started out as employee-benefit, borrowing and savings clubs, some adjustments were quickly adopted in terms of membership. Instead of being required to close their accounts when they left employment, members such as retirees or workers who became disabled sought to retain their accounts. Sounded reasonable and credit unions nationwide moved to a "once a member, always a member" format. Even if you left employment with the "sponsoring company", you were permitted to retain your accounts and equal membership rights.
The second significant change was permission for family members to join with equal membership rights. Supporting the families of employees also seemed to make great sense.
You will note from past comments, there were several questions asking what percentage of SECU members are currently state and public school employees? That could be anybody's guess. There are currently @ 60,000 active state employees and perhaps @125,000 active public school employees, with @335,000 retirees. Hard to get to 2.7 million members from that base!
You might be surprised to learn that only @25% of SECU members are active or retired state and public school employees. It has been that way for decades. The math on that guess is easy. The "typical North Carolina household" used to be husband, wife, two kids. When all became full-fledged SECU members, three out of four (75%) were not and never were employees of the state.
Serving members and their families well in North Carolina has been the winning "formula" for SECU in the past.
The SECU Board has declared a need to move away from that formula. As an SECU member-owner, do you understand what is in store with that new direction, new culture (the "new/new")?
... don't you think you should?
Different subject. Bomba is leaving SECU IT for BCBS!
ReplyDeleteAre there a few hundred vacancies in IT over there? Preferably in upper management. He'd like to take his friends with him.
DeleteLet's hope so, or that they start cleaning house to get rid of the folks he brought in through the back door with big salaries...
DeleteStill going to be a mess, with the vendors he picked. If only SalesForce's developers were as good as their salesmen.
DeleteBut, the fallacy of sunk costs, we'll be stuck with it all, because "we've already spent so much".
dang now I have to find a new insurance co....
DeleteInsurance run through Mulesoft, what could go wrong?
DeleteDon't know the gentleman, but he has received "a lot of press" in the comments from time to time. As head of IT at SECU over the last 2 years hee was in a difficult position.
ReplyDeleteCaught between an experienced, professional "legacy" IT staff and a Board that supported the public claim that there had been "no tech changes at SECU since 1983!" Hard to survive in that environment...
Sir I agree with you on this.
DeleteAgain, don't blame the staff or Mr. Bomba... this is a tipping point for the SECU Board. New day, new chance to make the right, next choice...lets move forward, lets look ahead (and blame it on prior boards and CEOs!!!!).
DeleteIf the SECU blows this opportunity...they own it as a group and individually.
Does the SECU Board understand what is at stake for 2.7 million members... and for each of them personally?
Getting ready to find out.....
Whoever they choose, the new CIO should listen to the legacy IT staff and not just the Board. Well, whatever now remains of the legacy IT staff.
DeleteI would love to see Tracy Deans get the job.
ReplyDeleteHe should have the job to begin with!
DeleteTracy Deans should get the business side of IT. Fred Hill should have the technical side of IT. They both are stand up leaders that believe in SECU and believe in building people up! Real management!
DeleteI agree, 100%. Let's hope it goes that way!
DeleteFred Hill continues to help us behind the scenes because the current l and O EVP doesn’t have a clue and needs to learn how to manage people, processes and projects! I’m new to the credit union and found out quickly that Fred was the person I could depend on to be honest and truthful. In my 14 months he has helped me to navigate the lack of “named” leadership in I and O.
DeleteHe brought in multiple extra VPs and SVPs while legacy employees were told there was no room for promotions and hiring freezes.
ReplyDeleteAnd told if they don’t like it the doors right over there.
Deletenow you tell me ... ;)
ReplyDeletewell I hope he finds his passion ...
ReplyDeleteMona showed us the door and then promptly walked through it herself.
DeleteAt least Bomba gets to leave SECU with his pockets and 401k filled with your money... and will never face any accountability at all.. and when is that "core conversion" taking place that was supposed to be his legacy and the reason for his absurd salary?
ReplyDeleteIf you think that’s bad? Try working in security!
Delete