Phoenix (STN) – Competitors can become collaborators, and sometimes it starts with nothing more than a dinner invitation. That was the message from two Arizona credit union leaders who joined the October episode of ‘It Happens at STN‘ to discuss a new coalition built on collaboration over competition.
Jason Paprocki, executive vice president and chief strategy officer at Arizona Financial Credit Union, said the idea grew out of pressures facing the whole industry. Twenty-five years ago, the country had 10,000 credit unions. Today, there are barely more than 4,000.
“We looked at that as a team, and we thought, ‘You know what? Other credit unions are struggling with the same challenges that we are, and there’s got to be a way we can work together,'” Paprocki said.
He and his team sent a dinner invitation to Arizona-based credit union CEOs, with a single, albeit deliberately vague, line on the agenda about the future of Arizona’s credit unions.
“This could very well be the most awkward dinner conversation of our careers, but why not?” Paprocki recalled telling the group. “We’re all in the room.”
Chris Kearney, CEO of TruWest Credit Union, was about three months into his job when the invitation arrived and admitted he wasn’t sure he had time for another dinner.
“I’m curious. Let’s lean in. Let’s go and see,” Kearney said.
Not every CEO has stayed involved, Paprocki said. More than 30 were invited to the first conversation, about 20 have stayed engaged, and roughly 10 are very active.
The coalition’s early focus has been financial literacy. With about 250 employees, Kearney said, there is only so much his credit union can do alone.
“When we can step into challenges together, it becomes a force multiplier,” he said.
For leaders considering a similar move, Kearney’s advice was simple.
“Have a conversation,” he said. “I think that’s the first step.”
Paprocki encouraged leaders not to wait for answers.
“Step one is just make the invitation,” he said. “Bring people in when you’re still forming the question.”
Kearney called the effort a long-term play for the industry. In 10 years, he said, he and Paprocki want to have another dinner to talk about how the industry has grown and how it’s serving more families.
