Lynette Smith - Willing to Share (#26)

"Admit it, correct it, and put in place procedures to prevent it from happening again." - Lynette SmithWelcome to episode 26 of The CUInsight Experience podcast. Hosted by Randy Smith, co-founder and publisher of CUInsight.com. Today’s guest is Lynette Smith the president and CEO of TruEnergy FCU and serves on the boards of the African American Credit Union Coalition and the Metropolitan Area Credit Union Management Association. We discuss rebranding and determining when it is necessary for a business. We also talk about the 2011 CEO of the Year Award she received for leading a smaller credit union and how to keep those smaller credit unions relevant in the current market.Lynette and I start off our conversation digging into the complete process of rebranding and all of the requirements you need to take into account. We discuss branding companies and their capabilities and distinctions. We also discuss the reason behind rebranding and the value that it brings when done appropriately. The undertaking is massive, but for True Energy FCU it was incredibly worth it.We then begin our discussion on the challenges smaller credit unions face while trying to stay relevant in today’s market. Lynette believes the biggest challenges are found in keeping up with compliance and technology. While there is admittedly value in updating technology, it is difficult to support the initial costs. In addition, we talk about the importance of credit union associations and the connections you make when you get involved. Listen to this episode if rebranding is in your future. The information and insights Lynette shares are invaluable in understanding the requirements and the process. We also discuss keeping smaller credit unions relevant in today’s market. You won’t want to miss this! View the full show notes here.Subscribe on: Apple Podcasts, Spotify, Google Podcasts, StitcherHow to find Lynette:Lynette SmithPresident & CEO of TruEnergy FCU [email protected] In This Episode:[00:03] - Welcome back to the show! Randy introduces Lynette Smith, today’s guest.[02:26] - We dive into the rebranding of TruEnergy FCU and the reason behind it.[03:49] - Lynette talks about the process of rebranding in detail, from hiring a branding team to notifying the board.[06:07] - The person responsible for coordinating the rebranding was their COO.[06:50] - They were not able to use the same marketing firm for the branding change versus branding awareness.[10:53] - Lynette discusses the beauty of the FAQ page they created and how it helped their customers. [11:27] - We switch gears and discuss the challenges that the smaller credit unions face. [12:23] - The biggest problem is keeping up with compliance and technology.[13:06] - Can technology help the small credit unions? [14:42] - Handling cyber threats and salary structures are also huge problems.[15:44] - As a leader and CEO do you sell the idea that ySend us Fan Mail