By Scott Mcclymonds
Formula for Success
What Financial Services CEOs Can Learn From PenFed Credit Union CEO James Schenck
How is your credit union weathering the changing face of the financial services industry? The new business model that pits CUs again both major institutions and non-banks demands skillful balance. See how one CEO is taking on the challenge brilliantly.
Leadership and strategy are two of my favorite topics, and I have been both amazed and encouraged by the leaders I have met with recently in the financial services industry, particularly as they adapt their strategies to the digital era. As I meet with CEOs of small to mid-sized financial institutions regarding their leadership style and the challenges they face, I am especially interested in how they are leading their teams into the new financial services business model where they are competing against huge institutions as well as non-banks such as Walmart.
The financial services industry has indeed changed, and CEOs have to be more skillful than ever as they balance the new business model, regulations and risk management.
One CEO who is doing this brilliantly is James Schenck, CEO of PenFed Credit Union, the third largest credit union in the United States with about $18 billion in assets and 1.3 million members.