“My family, the kids, were as supportive as they could be,” she said and joked that the experience prompted her kids to attend college while they were young. “This journey has been so unexpected. I fell into it, had no idea what a credit union even was and it's surprised me every day. It's been exciting, stunning and I can honestly say that I love what I do.”

For the industry as a whole and smaller credit unions in particular to thrive in the future, there must be a willingness to challenge the status quo from the foundation up followed by proactive actions.

“Smaller credit unions have got to shake up their business model. It's not the same world and we have to change. That's it,” Moran said. “Either you do something or you don't and you'll be merging. We should all be asking how do we change to stay in business? “

Along those lines she said it's time to stop viewing area credit unions as competition and start thinking of meaningful ways they can work together. For example, the $69.6 million credit union is part of Rekindle Go Big, a consortium of six credit unions formed by Mid-Atlantic Corporate Federal Credit Union, as a way to maximize credit union resources and reduce operating expenditures through collaboration. The six leaders jumped at the opportunity to create scale while maintaining their independence. The goal has been to drop 25% of the operating expenses of each of the participating credit unions by re-imagining the foundation of operations together through centralization of core processing, compliance, collections, cards, vendor management and contact centers.

“Why can't we trust the credit union down the street? With RKGoBig we look at how we can share resources to all stay in business and stay in business well without merging,” Moran said. “The biggest component is to be on the same core processing platform, that's how we believe we can lower our operating expenses.”

The collaborative effort has taken lots of brain power, hard work, dedication and courage as it's viewed as an opportunity to go beyond just the betterment of the six credit unions to possibly restructuring how credit unions operate.

“This project is huge but I'm having a blast and it's exciting to be a part of it,” Moran said. “We can't afford to be complacent. As leaders, as an industry, we must move forward. This idea that just because we're small, we can't offer the same services or try something new are excuses that hold us back. There is always a way. It's up to us to go out there and find it. “

She added that innovation doesn't always have to mean solving every problem. There's something to be said for drawing from others' ideas or existing products/services, examining if/how it could work for members and customizing it accordingly.

Years ago, the Ohio Credit Union League's push of credit unions to provide alternate payday lending options inspired DOLFCU to offer StretchPay, a short-term loan to help members get by between paydays.

“It's hard watching what happens to members week after week and fighting payday lenders in D.C.,” she said. “The reality is bad stuff happens to good people. So how can we help improve members' lives and get them through really bad times?”

The program has been popular with members and more importantly has helped the credit union become a trusted educator and resource.

“We help them understand what steps they can take from paycheck to paycheck without being taken advantage of,” she said.

When it comes to improvements, no area, process or product/service has been off-limits. For example, DOLFCU has eliminated its back office location and staffers work remotely from home. Moran said in terms of disaster recovery it's been a great solution while also saving the credit union money. Looking ahead, the next project includes plans to renovate the DC branch with an eye on delivering a more retail approach rather than the standard teller line.

“Everything is changing at warp speed. Our mobile deposit has been up and running for a year and then Apple Pay comes out. We can't offer the same services to our members the way we used to,” she said. “Our main focus is always to solve the members' problems first. I don't care how we get there as long as we continue to push forward and figure out solutions.”

Read more: The Problem Solver

If Carolyn Mikesell ever got tired of the responsibilities as CEO at Fort Wayne, Ind.-based Public Service Credit Union, don't look for her on the golf course, but rather in a credit union as a loan officer again.

“It's the best job you can have,” said the Women to Watch honoree of her time as a loan officer. “How great is it to tell someone by restructuring their debt you found a way to save them thousands in finance charges- not just a few hundred dollars a month. It's the best feeling in the world and those you've taken the time to help become not only members for life but friends for life.”

It's that satisfaction of helping someone, whether member or employee, that sense of accomplishment, that has made every day since stumbling into the credit union industry a joy. Recognizing early on leadership as a strength and enjoying the challenges of ensuring the $54.4 million credit union's long term future, Mikesell has been having too much fun in her current role to ever consider another.

“To this day, I've sent my old boss Sheila emails thanking her for giving me that opportunity to work at my first credit union. It was the best thing that ever happened to me,” Mikesell said.

Since she was a child, Mikesell knew she wanted to follow in the footsteps of her father, who was a financial analyst at IBM. Every night she would watch him and by the age of 14, she had a grasp of everything from balancing a checkbook to understanding income statements.

Later on in college, she shifted gears from accounting to finance as a major when her father pointed out she would have a broader perspective while still taking the accounting classes she loved. She worked at a national finance firm and had heard about credit unions but ironically, because at the time many were solely SEG-based, she couldn't join one.

Frustrated, she wondered what kind of industry made it so difficult to join? She was finally able to join a community-based credit union shortly before working at her first credit union and the rest she said was history.

“My dad taught me so much at an early age about working hard, leading by example and never giving up,” she said.

While she has a strong work ethic, she has never asked more of her staff than she does of herself.

“I spend a lot of time finding the right person for the right position,” she said. “Everyone on the staff wears so many hats and can feel pulled in 50 directions, but at the end of the day hopefully they understand that its still about them, their success and being happy with what they do. We pay well, reward well and work hard to make sure they are doing things throughout the day that they enjoy doing. “

She has always viewed her role as a leader to listen, observe, figure out her staff's passion and help them continue to learn, grow and reach their potential and individual definition of success.

“It's simple, engaged employees make the members happy, which makes the credit union successful. I tell everyone that more time is spent at work than at home, so you need to enjoy what you're doing every day. If you are not then it's time to go or change what you're doing and I'd like to be in on that discussion. Whether it's an employee or a member, my job is to help them successfully meet their goals.”

The focus on staff development, has helped create a culture where employees are an integral part of the process. Weekly staff meetings are approached from a strategic level. A believer in knowledge as a key driver in the ability to help others, everyone at PSCU has an understanding of the financials and the whys behind areas of focus based on the balance sheet and income statement. In addition to constantly reviewing goals and progress, the team also strives to cross items off its wish list. The list contains everything from what the team would like to learn and implement at PSCU to an under desk treadmill. Nothing is too outrageous or dismissed.

“I think leaders at small credit unions in particular, really need to step back, look at the ways the credit union makes money and prioritize accordingly,” she said. “Everyone should have an understanding of how the credit union makes money. How can you grow without that foundation?”

Clear goals have helped the PSCU team in finding creative solutions in dealing with common challenges of growth. In a bid to recapture loans lost to other institutions, Mikesell encouraged staff to talk to members about the bottom line benefits of refinancing with the credit union. Since last year a running tally of how much PSCU has saved members in interest, so far $570,000 and rising, has been posted on the website. In addition, member testimonials have been posted in the branches.

“If we're not going to go after loans with members then we essentially become nothing more than an investment club,” said Mikesell. “We can't only look for loans when we need it. We have to go after the business.“

She added that while most credit unions don't want to charge members' fees, sometimes it's needed to change behavior. For example, within four months of PSCU charging a $1 paper statement fee, e-statement adoption increased from 28% to 66%.

“So many small credit unions won't charge fees thinking they are losing their credit union roots, but I think there needs to be a shift in the thought process and prioritize what's important to the credit union,” she said. “We put the fee in place not to make money off our members but to push a behavior change and use the money spent on printing paper statements they weren't looking at anyway, to do other things.”

To Mikesell, members drive innovation.

“What are they looking for, what are their wants, needs and how can we deliver,” she said. “We had signature capture loans years before larger credit unions. It's not just about having the latest and greatest but what can we change, improve or even eliminate that will benefit the majority of our membership. We can't afford to wait too long to make decisions on solutions. If we sit and do nothing members will go somewhere else. It's more hurtful for me to know that the status quo drove members away.

Read more: The Innovator

There has never been an 'off' switch for Linda Bodie's mind. Whether it's mulling solutions, exploring the latest technology or creating music, the reserved demeanor of the chief innovator at Charleston, W. Va.-based Element Federal Credit doesn't necessarily reflect what's going on under the surface.

According to Bodie, that's always been the case.

“When I think about what I wanted to be, no career fit because it all seemed so ordinary and bland,” Bodie said. “I just knew I wanted to do something that would go against the norm, be different and be a disrupter. With my personality being this odd mix of math, science, geeky tech oriented analytical and playful, creative, musical, artistic person, there's always been this war within myself and who knew credit unions would be the answer to what I've always wanted?”

Not one to be held back by labels or assumptions, her focus has always been for the team at the $28.1 million credit union to help people and make a difference, which has meant hiring for personality, retail ability and potential more than banking experience. With a culture where teamwork, passion, innovation and fun serve as the foundation, it's important that everyone be 'all in'.

“If it's not the right fit then they can't work here,” she said. “Passion is what drives you to do everything. I love mornings because I get to do what I love and I get to find out what new thing was invented today.”

To her effective leadership has to be genuine and true to each individual. That CEO 'corner office' is where the branch manager can be found, Bodie gave it up preferring instead to just work from any open seat. She said it's about living her own brand of leadership and staying focused on the betterment of everyone from members, employees and the board to vendors and community partners.

“I learn so much from everyone I meet, every contact and conversation is valuable,” Bodie said. “If we small credit unions don't want to end up like Blockbuster we need to make changes, act like the cooperatives we are and find other cooperatives to help us do what we want to do.”

She likened what can ultimately be accomplished to the Battle of Thermopylae's 300 Spartans, without the betrayal.

“We don't have to do it alone. We're so much more powerful when we join together,” she said. “So let's find out how can we work together to build something sustainable for small credit unions. Do we want to build and evolve for the future or make decisions based on yesterday's technology or culture .”

At Element FCU, innovation has been defined as something new that simply fulfills a need and can be cool as well. With a focus on creating new conveniences for members, Element FCU was the first financial institution in the world to launch a remote deposit iPhone app in 2009. The team didn't know they made history, they were simply recognized that the world has access to the Apple app store so why not offer members an app?

Thinking of creative ways to better serve members across the state subsequently led to going completely digital with member retail delivery and communication options ranging from online chat, Skype, mobile and more.

“We want this to be the best institution it can be. Although we're known for being a techy credit union, people tend to associate tech with no personal touch and they couldn't be more wrong,” said Bodie. “We're using technology as a tool to build on personal relationships so we can focus on the member instead of data entry or paperwork. The people are vital to our brand and the people part of our business is not ever going away.”

With so much to be done, Bodie remains excited about what's ahead as the industry as a whole seems ripe for a business model reinvention. She said it comes back to passion and perseverance.

“Have a plan and be prepared to throw that plan in the trash and create new one. You don't know what you need to know until you try stuff,” she said.