NAFCU Journal September October 2021

17 THE NAFCU JOURNAL September–October 2021 Regarding unity, DeWitt explained, “You need to have that open conversation first and listen to all of the opinions of those affected. Then, when a decision is made, everyone is behind it because they were respected and included.” Trust, something for which every finan- cial institution strives, must not only be earned but also backed up by consistent action, he added. “When I say a meeting is a safe space, those in attendance need to trust that I mean that. They need to trust that I won’t use it against them later if I disagree. The minute you violate that trust on your team, it’s very difficult to gain it back. That’s true in life with anyone: your team, your kids, your partner,” DeWitt reflected. Listening and building trust creates such a strong relationship, it makes manage- ment easier and more effective because leaders know when to jump in to assist and when to let employees figure it out themselves, and potentially shine, he said. “My goal is to listen for what they’re asking for, and even if they’re asking for anything at all,” DeWitt said. “When you truly know your staff as individuals, you can detect when they need assistance or just more coaching. When they need more input and when to back off. Work isn’t always about business; you need to know people as individuals. Know what drives them, what their interest are. Not in the sense of using it, but just under- standing where they’re coming from.” Listening is what has guided DeWitt in his career at State Farm, where he leads with a steadfast “blue ocean” philosophy that has produced a $5.4 billion single sponsor, Plain Vanilla Credit Union. How in the world did he achieve this? By listening, of course, to members who asked for transaction accounts, mort- gages and mobile banking. “A lot of people operate in a red ocean environment where they try to be all things to all people and offer a multitude of products and services, a full array of everything, in an attempt to maximize profitability,” he explained. “Blue ocean philosophy is to serve a singular niche, just try to satisfy a certain market segment. That’s where I’ve seen us all along. We’re plain vanilla and we do it well. We currently pay 1% on passbook savings, no restrictions, that’s a daily access account. That’s what keeps them coming back.” Thankfully, DeWitt also listened to mem- bers asking for mobile account access. State Farm launched its mobile app in March of 2020 and, needless to say, adop- tion rates were high. DeWitt doesn’t solely credit his listening ability for his success. He appreciates that the ‘free-market gods’ have smiled warmly upon State Farm Insurance, which is the largest property and casualty insurance provider in the U.S., as well as the nation’s largest auto insurer. “People always need insurance,” he observed. He also won the sponsor lottery. State Farm Insurance’s commitment to the financial success of its agents and employees has allowed its credit union the luxury of remaining in that clear, blue ocean, even when members have asked for more. “We tell them, if that’s what you’re looking for, that’s fine, but that’s not what we do,” he explained. “We are about saving money and thrift, not transactions.” Members often push further, suggesting that their credit union could provide those services better than the competition. “Frankly, I agree that we probably could do a better job, but that’s just not who we are. We exist to promote thrift, offering savings and basic consumer loans, and that’s it. It presents a challenge some- times because we get hot money and we have to adjust for that, but it’s been successful and we’ve continued to grow.” DeWitt’s blue ocean is also smooth sailing compared to other credit unions facing raging red seas churning with threats to noninterest income, inflated residential real estate values, and the latest merchant data breach. State Farm is so unique, DeWitt and his board members often find conference agendas aren’t particularly applicable to their credit unions. But that doesn’t mean he turns a deaf ear. After all, he is a listener. The growth of member credit unions is a NAFCU directive, and what helps other credit unions grow is good for the entire industry, he theorized. Because credit unions serve unique fields of member- ship, they must grow in unique ways that serve their members’ needs. Leading an organization of financial insti- tutions that each serve unique markets sounds a bit like herding cats. Turning inclusion into unity sounds downright impossible. But with DeWitt’s open ear and steady hand on the wheel, NAFCU will lead by example into a new normal that is disciplined, thoughtful and successful, and remains true to the spirit of people helping people.