State of the Credit Union with Voyage CEO Jeff Schmidt
State of the Credit Union with Voyage CEO Jeff Schmidt
In the latest episode of Tips for Change we sat down with Voyage CEO Jeff Schmidt to reflect on the successes and challenges of 2024 and discuss plans for 2025. The conversation highlighted the credit union's growth, community involvement, and innovations in member services.
2024: A Year of Growth and Integration
Jeff called 2024 a "record-breaking year" for Voyage, with a focus on merging First Century Credit Union into its system following the 2023 merger. This included remodeling the Benson Road branch, integrating members into Voyage’s technology, and expanding services in Vermillion. Significant accomplishments included:
Community Investments: Partnership with Vermillion Development Corp's Grow Vermillion initiative and ongoing support for USD Coyotes.
Leadership Development: A year-long leadership program for managers featuring expert Nathan Schock of FiveFour.
Volunteer Efforts: Surpassing a goal of 200 volunteer hours, nearing 300 by year-end.
Navigating Industry Challenges
Voyage faced challenges, including rising interest rates, merging organizational cultures, and an increase in delinquencies, particularly in the trucking sector. However, Jeff emphasized the team's resilience in overcoming these hurdles, with a strong balance sheet and strategic growth setting the stage for a promising future.
Embracing Technology and Innovation
The credit union made strides in leveraging technology to enhance member experience:
Expansion of digital banking options, including deposit-taking ATMs and mobile loan applications.
Implementation of texting for real-time updates on loan and mortgage applications.
Over 60% of consumer loans now completed entirely online, reflecting members’ preference for convenience.
Looking Ahead to 2025
Excitement is building for 2025 as Voyage plans to:
Roll out a new loan origination system to simplify and automate the lending process.
Continue branch remodels, including updates to the Vermillion branch.
Further integrate texting and digital communication for a seamless member experience.
Invest in automation for faster, real-time loan approvals.
Jeff concluded by emphasizing Voyage’s commitment to innovation, community, and its members’ financial success, saying, "With every challenge comes opportunity."
Episode Mentions:
About Jeff Schmidt:
Jeff Schmidt is a highly accomplished professional with a 25-year career in the financial services industry. As the CEO of Voyage Federal Credit Union, he has led the organization to remarkable growth. Jeff's visionary leadership and strategic acumen have made him a leader in the industry, driving innovation and positioning the credit union for success.
With a degree in Accounting and an MBA from the University of South Dakota, Jeff has a strong educational foundation. In addition to his role as CEO, he serves as a valued board member for Glacial Lakes Energy, an esteemed ethanol company in the renewable energy sector. Furthermore, Jeff's passion for education is evident through his former roles as an adjunct professor in banking and economics where he shared his knowledge and insights with aspiring professionals in the field.
Under Jeff's leadership, Voyage Federal Credit Union has experienced exponential growth, expanding its services and providing exceptional financial solutions to its members. His strategic vision and ability to navigate complex financial landscapes have been instrumental in the credit union's success. Jeff's dedication to empowering individuals and businesses to achieve their financial goals has created lasting value for the community.
As a visionary leader, Jeff continues to inspire and shape the future of the financial services industry. His leadership, significant contributions, and dedication to excellence have earned him recognition and respect. Through his role as CEO and board member, he drives economic growth, fosters collaboration, and makes a positive impact on individuals, businesses, and the community.
Jeff Schmidt's exemplary track record, combined with his deep industry knowledge and commitment to excellence, positions him as an influential figure in the financial services sector.
