Unless you want to be proven wrong, never tell Joan Moran, CEOof Washington D.C.- based Department of Labor Credit Unionsomething is impossible.

Years ago, when complaining about having to change her cellphone, her retired father reminded and advised her to keep changingand stay current or she'd be left behind.

“It just really stopped me in my tracks,” the Women to Watch honoree said.“He told me, 'You cannot ever let anyone say you don't want tochange' and he was right.”

That moment demonstrated how subtly insidious complacency can beeven for someone who made a complete career shift later in lifefrom nursing to CPA and CEO while raising three children.

“My family, the kids, were as supportive as they could be,” shesaid and joked that the experience prompted her kids to attendcollege while they were young. “This journey has been sounexpected. I fell into it, had no idea what a credit union evenwas and it's surprised me every day. It's been exciting, stunningand I can honestly say that I love what I do.”

For the industry as a whole and smaller credit unions inparticular to thrive in the future, there must be a willingness tochallenge the status quo from the foundation up followed byproactive actions.

“Smaller credit unions have got to shake up their businessmodel. 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 bemerging. We should all be asking how do we change to stay inbusiness? “

Along those lines she said it's time to stop viewing area creditunions as competition and start thinking of meaningful ways theycan work together. For example, the $69.6 million credit union ispart of Rekindle Go Big, a consortium of six credit unions formedby Mid-Atlantic Corporate Federal Credit Union, as a way tomaximize credit union resources and reduce operating expendituresthrough collaboration. The six leaders jumped at the opportunity tocreate scale while maintaining their independence. The goal hasbeen to drop 25% of the operating expenses of each of theparticipating credit unions by re-imagining the foundation ofoperations together through centralization of core processing,compliance, collections, cards, vendor management and contactcenters.

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

The collaborative effort has taken lots of brain power, hardwork, dedication and courage as it's viewed as an opportunity to gobeyond just the betterment of the six credit unions to possiblyrestructuring how credit unions operate.

“This project is huge but I'm having a blast and it's excitingto 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 thatjust because we're small, we can't offer the same services or trysomething 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 solvingevery problem. There's something to be said for drawing fromothers' ideas or existing products/services, examining if/how itcould work for members and customizing it accordingly.

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

“It's hard watching what happens to members week after week andfighting payday lenders in D.C.,” she said. “The reality is badstuff 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 importantlyhas helped the credit union become a trusted educator andresource.

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

When it comes to improvements, no area, process orproduct/service has been off-limits. For example, DOLFCU haseliminated its back office location and staffers work remotely fromhome. Moran said in terms of disaster recovery it's been a greatsolution while also saving the credit union money. Looking ahead,the next project includes plans to renovate the DC branch with aneye on delivering a more retail approach rather than the standardteller line.

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

Read more: The Problem Solver

If Carolyn Mikesell ever got tired of the responsibilitiesas CEO at Fort Wayne, Ind.-based Public Service Credit Union, don'tlook for her on the golf course, but rather in a credit union as aloan officer again.

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

It's that satisfaction of helping someone, whether member oremployee, that sense of accomplishment, that has made every daysince stumbling into the credit union industry a joy. Recognizing early on leadership as a strength and enjoying thechallenges of ensuring the $54.4 million credit union's long termfuture, Mikesell has been having too much fun in her current roleto ever consider another.

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

Since she was a child, Mikesell knew she wanted to follow in thefootsteps of her father, who was a financial analyst at IBM. Everynight she would watch him and by the age of 14, she had a grasp ofeverything from balancing a checkbook to understanding incomestatements.

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

Frustrated, she wondered what kind of industry made it sodifficult to join? She was finally able to join a community-basedcredit union shortly before working at her first credit union andthe 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 ofher staff than she does of herself.

“I spend a lot of time finding the right person for the rightposition,” she said. “Everyone on the staff wears so many hats andcan feel pulled in 50 directions, but at the end of the dayhopefully they understand that its still about them, their successand being happy with what they do. We pay well, reward well andwork hard to make sure they are doing things throughout the daythat 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 ofsuccess.

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

The focus on staff development, has helped create a culturewhere employees are an integral part of the process. Weekly staffmeetings are approached from a strategic level. A believer inknowledge as a key driver in the ability to help others, everyoneat PSCU has an understanding of the financials and the whys behindareas of focus based on the balance sheet and income statement. Inaddition to constantly reviewing goals and progress, the team alsostrives to cross items off its wish list. The list containseverything from what the team would like to learn and implement atPSCU to an under desk treadmill. Nothing is too outrageous ordismissed.

“I think leaders at small credit unions in particular, reallyneed to step back, look at the ways the credit union makes moneyand prioritize accordingly,” she said. “Everyone should have anunderstanding of how the credit union makes money. How can you growwithout that foundation?”

Clear goals have helped the PSCU team in finding creativesolutions in dealing with common challenges of growth. In a bid torecapture loans lost to other institutions, Mikesell encouragedstaff to talk to members about the bottom line benefits ofrefinancing with the credit union. Since last year a running tallyof how much PSCU has saved members in interest, so far $570,000 andrising, has been posted on the website. In addition, membertestimonials have been posted in the branches.

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

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

“So many small credit unions won't charge fees thinking they arelosing their credit union roots, but I think there needs to be ashift in the thought process and prioritize what's important to thecredit union,” she said. “We put the fee in place not to make moneyoff our members but to push a behavior change and use the moneyspent 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 howcan we deliver,” she said. “We had signature capture loans yearsbefore larger credit unions. It's not just about having the latestand 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. Ifwe sit and do nothing members will go somewhere else. It's morehurtful 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 orcreating music, the reserved demeanor of the chief innovator atCharleston, W. Va.-based Element Federal Credit doesn't necessarilyreflect 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 fitbecause it all seemed so ordinary and bland,” Bodie said. “I justknew I wanted to do something that would go against the norm, bedifferent and be a disrupter. With my personality being this oddmix of math, science, geeky tech oriented analytical and playful,creative, musical, artistic person, there's always been this warwithin myself and who knew credit unions would be the answer towhat I've always wanted?”

Not one to be held back by labels or assumptions, her focus hasalways been for the team at the $28.1 million credit union to helppeople and make a difference, which has meant hiring forpersonality, retail ability and potential more than bankingexperience. With a culture where teamwork, passion, innovation andfun serve as the foundation, it's important that everyone be 'allin'.

“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 morningsbecause I get to do what I love and I get to find out what newthing was invented today.”

To her effective leadership has to be genuine and true to eachindividual. That CEO 'corner office' is where the branch managercan be found, Bodie gave it up preferring instead to just work fromany open seat. She said it's about living her own brand ofleadership and staying focused on the betterment of everyone frommembers, employees and the board to vendors and communitypartners.

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

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

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

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

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

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

With so much to be done, Bodie remains excited about what'sahead as the industry as a whole seems ripe for a business modelreinvention. She said it comes back to passion andperseverance.

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