Picture a captain steering through stormy financial sea with unyielding determination and a firm grip on the helm. That’s Elizabeth Osborne. In the ever-changing financial landscape, she navigates the uncharted waters at Great Lakes Credit Union (GLCU) with exceptional skill and expertise. Embodying Michelle Obama’s spirit—”Just try new things. Don’t be afraid. Step out of your comfort zone and soar, all right?”—Elizabeth isn’t just managing; she’s creating a masterpiece amidst constant change.
As COO of GLCU, she fosters collaboration and ignites individual strengths, creating a harmonious team that delivers exceptional results. Her visionary leadership and relentless resolve propel her through the complexities of the financial world. Yet, her enduring legacy lies in inspiring future leaders. Let’s explore her leadership style, her strategies to cultivate excellence during transformation, and the wisdom she imparts to aspiring leaders seeking success.
Life and Career Journey
Elizabeth’s banking journey began at State Street Corporation, where she started as a Business Analyst and Project Manager. This role was pivotal in shaping her career, providing her with a robust project management and strategic planning foundation. Over eight years, she gained invaluable experience, which eventually led her to a VP role at a Community Savings Bank. Here, she managed key vendor partnerships and established a Project Management Office (PMO) to drive organizational change effectively.
Her transition to the role of Chief Information Officer (CIO) at the same bank marked another significant milestone. In this position, Elizabeth oversaw all technology and the PMO, demonstrating her capability to lead in a rapidly evolving technological landscape. The bank’s acquisition by a regional bank brought new challenges and opportunities, where she was entrusted with overseeing the integration of acquired banks—a testament to her strategic acumen and leadership, instilling confidence in her team and the audience about her decision-making skills.
The pandemic brought a turning point in Elizabeth’s life, prompting her to relocate to Chicago for personal reasons. This move coincided with her being offered the position of COO at GLCU, a role she considers herself fortunate to have.
Responsibilities as COO at GLCU
As the COO at GLCU, her purview encompasses a comprehensive range of mission-critical functions, including technology (networking, cybersecurity, and more), digital platforms, deposit operations, servicing teams, and product management. Elizabeth prioritizes these responsibilities with a member-centric approach, constantly seeking industry differentiators to ensure GLCU remains at the forefront of the competitive landscape. According to Elizabeth, this strategic approach ensures their technological infrastructure and operations align with their commitment to exceptional service and innovative financial solutions.
Driving Innovation Through Strategic Partnerships
Elizabeth’s leadership ignites a future-focused approach, forging partnerships that empower member success. Under her guidance, GLCU has embraced cutting-edge technologies to enhance member services. A notable example is the introduction of “Olive,” a virtual assistant powered by conversational AI, which has revolutionized member support by providing efficient self-service options.
In addition to “Olive,” Elizabeth has championed several other innovative solutions. The DoubleCheck platform empowers members to manage overdrafts or non-sufficient funds, giving them greater control over their transactions. Bank Social, a Decentralized Finance (DeFi) platform, enables Real-Time Payments (RTP) for gig workers, including those working with companies like Uber, Lyft, and DoorDash. This advancement ensures instant payments, reflecting Elizabeth’s commitment to leveraging technology for practical member benefits. Furthermore, DefenseStorm provides 24/7 fraud and cybersecurity monitoring, ensuring that GLCU’s digital environment remains secure and resilient against threats.
Elizabeth’s leadership philosophy resonates with Sheryl Sandberg’s (COO of Facebook) belief: “We need women who are so strong they can be gentle, so educated they can be humble, so fierce they can be compassionate, so passionate they can be rational, and so disciplined they can be free.” This sentiment mirrors Elizabeth’s approach to leadership, which balances innovation with empathy, technology with understanding, and strategic vision with practical solutions.
Strategic Planning and Decision-Making at GLCU
GLCU is laser-focused on identifying its Most Valuable Members (MVM). Elizabeth elaborates that they’re currently analyzing data sets to pinpoint this key member segment. This strategic initiative aligns with its long-term growth plan and allows it to target specific member groups with tailored marketing, communication, and product offerings.
Furthermore, their commitment to communities and members fuels their strategic vision. By leveraging these insights, they’re shaping impactful strategies in financial education, faster payments, AI, and digital solutions. These strategies undergo a rigorous approval process: vetted by the Executive Leadership Team, presented to the Board of Directors, and finally, cascaded down to all employees at Great Lakes Credit Union to ensure alignment for the upcoming year.
Transforming Member Experience: Elizabeth’s AI-Driven Innovations
Elizabeth’s dedication to member experience shines through her recent initiatives. Last year, she and her team unveiled “Olive,” GLCU’s innovative conversational AI bot. This virtual assistant marked a turning point in member self-service. Members can now engage in natural conversations with Olive 24/7 to check balances, transfer funds, or track clearances – all through the primary phone line. According to Elizabeth, this streamlines operations and empowers members with convenient self-service tools, allowing them to access information on their own terms. Since Olive’s arrival, self-service adoption has skyrocketed by over 200%, validating Elizabeth’s vision for AI integration.
Building on this success, the team is expanding Olive’s capabilities to cater to Chicago’s large Hispanic population. This year, Spanish language support will be introduced, ensuring 24/7 assistance in their preferred language. Elizabeth is excited to offer this specialized service, further solidifying GLCU’s commitment to a diverse and inclusive member experience.
Driving Synergy and Alignment Across Functions
Hailed as one of the “Top 10 Empowering Women Leaders to Follow in 2024,” Elizabeth excels in her role at Great Lakes Credit Union by ensuring alignment and synergy across Technology, Digital, Product Management, PMO, and other critical functions. She partners with the executive leadership team to identify strategies and initiatives that propel Great Lakes Credit Union forward, ensuring everyone works towards the same goals. Maintaining an open line of communication is essential for her, as it allows the team to share insights, address challenges promptly, and promote a collaborative environment that enhances performance for their members. This collaboration is facilitated by their robust Project Management methodology and the talented project managers who drive these changes.
Prioritizing Cybersecurity and Data Privacy at GLCU
GLCU prioritizes cybersecurity and data privacy by empowering its employees, the COO emphasizes. Through comprehensive training and awareness programs, all staff are well-informed about potential threats and best practices for data protection. Additionally, GLCU invests in managed services solutions for prevention, detection, and monitoring, creating a robust defense against cyberattacks. This multi-layered approach safeguards digital transactions and ensures the security of members’ sensitive information.
Roadblocks and Challenges
The road to success is rarely smooth. It’s paved with challenges, unexpected turns, and sometimes, even resistance. But for Elizabeth, these hurdles are an opportunity to shine.
As COO at GLCU, she has encountered several significant challenges, each testing her resilience and adaptability. One of the primary obstacles has been managing change within the organization, especially when aligning team members who aren’t on board with the new direction. In such a scenario, she prioritizes clear communication. As she puts it, “Gaining buy-in and helping our teams to understand the ‘why’ is imperative to our success.” This philosophy underscores her efforts to champion company-wide transparency, facilitate collaboration, and underline the positive impact of these changes on GLCU and its members. Elizabeth even teams up with marketing to create engaging videos visually explaining the changes, making the transition smoother for everyone.
Fostering Innovation and Continuous Improvement
Years of experience have given Elizabeth a keen eye for spotting potential. When faced with a hurdle, her first instinct is to seek collaboration, knowing diverse perspectives lead to effective solutions. This commitment to teamwork isn’t just about overcoming challenges. It’s about harnessing them as springboards for innovation. Elizabeth brings fresh thinking and cutting-edge solutions to Great Lakes Credit Union by forging strategic partnerships with third parties and fellow financial institutions. Her door is always open for ideas, both big and small. This constant flow of member and employee feedback fuels a culture of continuous improvement, where innovation isn’t just a buzzword; it’s a shared responsibility.
Shaping the Future of Credit Unions: Trends and GLCU’s Strategic Adaptations
Elizabeth underscores the lessons learned from the recent banking crisis, highlighting the urgent need to address the effects of rising interest rates and the importance of diversification. Over the past decade, low interest rates have become the norm. Still, the recent shift has had significant repercussions for credit unions, impacting both loan revenue and the cost of funds. The crisis has clarified that banks and credit unions must be better prepared for such rate changes by adopting effective risk management strategies and enhancing stress testing.
She also notes that the decline in interchange income, driven by evolving member payment behaviors, has become a significant concern. The rise of digital and contactless payment methods, including services like Zelle, Venmo, PayPal, and CashApp, has notably reduced revenue from interchange fees. In response, GLCU is considering introducing premium payment services, forming partnerships with fintech companies, and exploring subscription-based models to better align with changing consumer payment preferences.
Furthermore, the recent crisis has emphasized the loss of deposits as a critical issue. At GLCU, this challenge is being addressed proactively. The CFO collaborates closely with the Executive team to seek alternative deposit sources. The Product Management team is also developing a subscription-based checking account, which would offer members a flat monthly fee for various services, potentially reducing or eliminating other transaction fees. This model aligns with consumer trends in subscription services like Netflix and Spotify.
Leading with Balance
Striking a healthy balance between a demanding COO role and a fulfilling personal life is no easy feat. But this female executive, with the unwavering support of her husband and family, has achieved just that. Their partnership allows her to excel in both spheres, especially when it comes to managing the joys and challenges of raising their young children (a 6-year-old son and a 3-year-old daughter). A commitment to shared responsibilities and mutual support underscores their dedication to a truly equal partnership.
Guide to Empowering Women in Banking and Finance
Elizabeth offers key advice for women aiming to become leaders in banking and finance: ” Actively raise your hand and get involved in various projects and initiatives.” A champion of proactive participation, this C-suite executive stresses the power of collective action. She explains that aspirants can collectively achieve greater heights by supporting and encouraging each other. Additionally, Elizabeth underscores the importance of self-confidence and embracing challenges as essential ingredients for both personal and professional development.
Her experience at Belmont Savings Bank exemplifies this philosophy. As VP Director of Strategic Projects, Elizabeth worked closely with the VP of Technology. When this colleague decided to move on, a leadership vacuum emerged. Elizabeth’s COO boss envisioned elevating the role to Chief Information Officer (CIO). Due to her prior involvement with the IT team, Elizabeth was assigned to interview potential candidates. During this process, she realized she was qualified for the CIO role.
Drawing on Susan Wojcicki’s (CEO of YouTube) wisdom, Elizabeth recognized this as an opportunity, not a neatly presented package: “Rarely are opportunities presented to you in a perfect way. In a nice little box with a yellow bow on top. Opportunities—the good ones—are messy, confusing, and hard to recognize. They’re risky. They challenge you.”
Taking Wojcicki’s words to heart, Elizabeth seized the moment. With confidence, she approached her boss, voiced her interest in the CIO position, and requested to be considered. Her initiative and self-belief were well-received, culminating in interviews with the Board of Directors and, ultimately, the CIO offer. Reflecting on her journey, Elizabeth acknowledges that had she not raised her hand, embraced the challenge, and believed in herself, she might not be where she is today. She encourages others to never miss out on an opportunity.
A Bright Horizon for GLCU’s Future
The COO expresses her staunch enthusiasm for GLCU’s future. The credit union has garnered a well-deserved reputation within the industry for its pioneering spirit. GLCU is poised for continued expansion throughout the Chicagoland area by fostering strategic partnerships with organizations like the Leaders Network. Furthermore, the organization remains steadfast in its commitment to promoting financial literacy and awareness within the communities it serves. She concludes with an optimistic tone: “The future of GLCU is bright! “
