Workers Credit Union joins MDC, sees member benefit in “comprehensive research” and collaborative model as a “force multiplier” for credit unions
MINNEAPOLIS, MN (May 16, 2016) — Workers Credit Union’s philosophy is to “do what’s right” for members, the community and employees, so it isn’t surprising that the $1.3 billion Credit Union decided to partner with MEMBERS Development Company. MDC is a CUSO that facilitates collaboration through shared R&D and cost savings among some of the nation’s largest credit unions.
Doug Petersen, Workers Credit Union’s President/CEO, says working with MDC and its other owners will translate to tangible benefits for WCU members and, in turn, enrich the communities it serves and local economy.
“Workers’ membership will benefit from the most comprehensive research available for dozens of short-term and long-term projects that coincide with our strategic vision,” Petersen said. “Moreover, the credit union will benefit from joining a professional group of progressive credit union executives dedicated to successfully addressing the common challenges faced by all of us,” he said.
Working together, MDC and its owner credit unions envision and implement better ways to do business, enhancing members’ experience and increasing their engagement.
“Our collaborative model saves credit unions considerable time and money, compared with going it alone,” said Jeff Kline, MDC’s Chief Executive Officer. “It also makes for a richer environment to nurture creativity and think through how we do banking.”
Robert Lockett, WCU’s Chief Strategy Officer, agrees. “By applying the cooperative model to strategic planning, research and development, MDC creates a force multiplier that will better enable Workers to address our strategic, channel delivery and product development goals,” he said.
MDC’s owners generate and prioritize projects, using a structured project-management approach, with 5-8 initiatives active at any given time.
About Members Development Company
MEMBERS Development Company is owned by 40 progressive credit union organizations, including credit unions, corporates and key business partners. MDC’s unified, collaborative approach provides participating credit unions affordable access to the research, development and delivery of superior, high-value member products and services. MDC also addresses current and emerging issues affecting credit unions, such as rapidly evolving technology, new competitive forces and member experience. Founded in 2000, MDC has grown to more than 40 owners, representing nearly $100 billion in assets and 7 million consumer members. MDC’s owners and professional staff have completed an extensive list of projects that have helped improve credit unions’ bottom lines and grow their membership.