After 25 years at the helm of the Maine Credit Union League and its subsidiary Synergent, president and CEO John Murphy is set to retire in June. The man tasked with filling those shoes is Todd Mason, a former VP at the Michigan Credit Union League and currently chief strategy officer for Michigan-based indirect auto lending tech firm RouteOne.
In his new role, Mason will oversee an organization that now comprises 58 member credit unions serving more than 50% of the state’s population. He spoke with Credit Union Journal about his background and the challenges ahead – for himself, for Maine’s CUs and for the movement as a whole.
CUJ: Maine is pretty far from Michigan – was this a difficult decision to make for you and your family to move there?
Mason: My wife and I have been married for 25 years, and we are a great team. The decision to move to Maine wasn’t easy, but it was made easier because I have her support, and from my kids. It is a big move, but it is the right move for my family and me. They know that what drives me is making a difference – and what this opportunity represents is the ability to give back to an industry that has given me so much using the unique experience I gained working at the Michigan Credit Union League, running companies ranging from League InfoSight to CU Solutions Group, and most recently, RouteOne.
CUJ: What were your primary functions as vice president of technology, education and marketing at the Michigan CU League?
Mason: Dave Adams, the CEO of the Michigan league, is a great leader. He took a number of chances with me over the years, and the opportunities he gave me are a big part of why I am here today. And I am very thankful to him for that. Technology, education and marketing was one of those times. It was an experimental department put together to accelerate the use of technology in education to provide more training options to credit unions in an affordable, accessible way. The result, in the mid-1990s when it was all still very new, was satellite, web and audio conferencing.
CUJ: Technology appears to be one of your main emphases – how will you use tech to benefit Maine credit unions?
Mason: I am at my best when my plate is full and diverse. And I’ve been blessed to have been able to be creative, innovative and strategic, while being rooted in technology and business throughout my career. Blending those together, a key focus will be injecting my passion for innovation, and strengthening Synergent as a voice and driver in the world of fintech to directly benefit Maine credit unions and customers of Synergent.
Core processing has the opportunity to be at the epicenter of fintech, and providing products that meet the rapidly evolving member demands to get the “Amazon experience” wherever they go.
CUJ: What are some of the main opportunities you see for credit unions in Maine?
Mason: Continuing on my comments on fintech and technology, much of the opportunity revolves around that now old, but very relevant, saying of delivering the “high tech/high touch” member experience. Through the use of technology, I think there are innovative ways credit unions can help members become better savers, make better financial decisions and get proactive service. For example, there are some interesting things happening in artificial intelligence using data to make recommendations and provide support-based solutions on what is known about a given member. It seems “out there,” but it is not, because Amazon.com has been doing it for years. For me, it doesn’t replace the personal interaction credit unions are known for – what it does is extend it into the digital world.
CUJ: What are some of the main challenges you see for credit unions in Maine?
Mason: The biggest challenges are relevancy and scale. Maine credit unions are competing against some very big financial institutions that are able leverage scale to reduce costs, go after larger swaths of the market and, in some cases, offer a broader set of services. As big of a challenge as that may be, though, I see that as an opportunity for cooperation and collaboration. Companies, like Synergent, are great examples of credit unions coming together to aggregate their scale to do great things.
CUJ: Despite being 800 miles apart and each dominated by different types of industries, Michigan and Maine actually have some things in common – including struggling economies and stagnant population growth. Will this make it difficult for local credit unions in Maine to grow their memberships?
Mason: Maine credit unions have actually consistently seen year-over-year membership growth, and with 50% of the population belonging to credit unions, has one of the highest such penetration rates in the country. Pulling data from CUNA’s Membership Benefits report, Maine credit unions delivered the equivalent of $67 of benefit to each one of those members, on average, and $169 annually for those that got auto loans. So while population trends may not make it any easier to keep growing credit union membership, Maine credit unions have a long history of effective cooperative advertising, advocacy at the state capitol and delivering value and service – all of which translates into membership growth and wallet share.
CUJ: Economic growth in Maine is also stagnant – what can you do to help local credit unions to stimulate the economies in their communities?
Mason: In many ways, it comes down to the fundamentals, i.e., credit unions providing good rates and lower fees to help make members’ money go further. Member business lending is a big part of that – but so are credit cards and payments, and affordable mortgage and auto loans. Another part of it goes back to population growth. Through this job opportunity I discovered how special Maine is with its natural beauty, local flair and great people. It compelled me to move as a result from a place I lived almost my entire life, and so I think there is something about credit unions telling their story to attract not just new members, but also attracting talent from their communities as local job-providers.
CUJ: What kind of relationship do you hope to have as CEO of the league and the credit unions under your umbrella?
Mason: I plan to have a relationship that is up close and personal, and I’m looking forward to meeting our 58 member credit unions and our Synergent customer credit unions, too. My hope is that we develop a cooperative partnership that is enduring, and benefits them individually and the credit union movement as a whole.
