Berger Leadership Blog

First off, I want to thank everyone who attended Engage 2023: NAFCU’s Annual Conference. It was fantastic to be back in-person and able to talk, collaborate, and strategize with so many people.

In my opening remarks at the conference, I described the current environment we’re operating and living in as “chaos.” With so many issues – like economic headwinds, liquidity concerns, and bank failures – it's easy to get lost in the chaos. However, the chaotic environment we are in provides opportunities. And for credit unions, you were built for these situations. The industry remains committed to safety and soundness while providing members with critical financial services, no matter the circumstances.

But often, when we’re clouded by an uncertain fog, we fail to look ahead. The reality is that many of the changes we’ve experienced will have lasting impacts. While we will weather the economic storms, other things – like the increase in remote work and digital innovation – will be around for a long time. Here’s two points I want to add on to the remarks I made about chaos and opportunities:

1. The opportunities we capitalize on today will make us better tomorrow.

To paraphrase a quote from Richard Branson, there are fortunes to make and opportunities to capitalize on during recessions. While there is academic debate on if we will have a true recession, it’s obvious that the current economic environment is chaotic. During the 2008 recession, people who invested when the markets shed 20% ended up with more than people who got scared. They saw an opportunity in the chaos. They doubled down and ended up with greater returns than their peers.

Outside of the economy, there are several opportunities for credit unions today: new technology that streamlines the member experience, third-party partnerships that make lending and payments more efficient, and so much more. Take advantage of those opportunities today. It will make the industry better in the future.

By keeping a level head and having a clear mission and vision we’re working toward, we can capitalize on these current opportunities and the future will be bright.

2. What we learn from the present will impact the future.

We learn from bad experiences – especially failure – and adversity to make better decisions moving forward. What we learn from today’s uncertainty will influence our future decisions. For example, companies have learned the value of providing workplace flexibility – whether that’s fully remote work, hybrid work, or schedule flexibility. The competitive advantage companies gain from this is worth it. There is more access to talent. It shows a commitment to employees’ lives and well-being, increasing retention rates. For credit unions, the lessons learned from these difficult economic times will help the industry through the next downturn.

Many things in life are cyclical. We will see chaos in the future – some of which will mimic today, but what we learn today will impact how we handle similar situations later.

Simply put: Don’t fear the chaos. There’s opportunity. Embrace the opportunity to become smarter, more resilient, more flexible, and more experienced.