The NAFCU Journal May - June 2019 - 44

EXECUTIVE SPOTLIGHT

Dawson recalls that one of the first
changes he made at Navy Federal was
to offer risk-based pricing. At the time,
many credit unions still offered one
loan rate for all members. Risk-based
pricing categorizes members of various
credit scores, allowing lenders to price
loans according to the estimated risk and
safely make loans to more members who
may not have access to reasonably priced
credit otherwise.
"That's proven to be a very significant
decision," Dawson says. "Our lending
portfolio grew from $10 billion when I
joined to $72 billion today."
The members have to be foremost in a
credit union's thoughts, Dawson says.
"I think the biggest challenge has been
that we have to continually look at what
we do through the lens of our member,
because if you're not careful, you can
stray toward what's convenient or easiest for the credit union to do," opening
the door for large banks to swoop in.
"But if we can view it from the eyes of
the member, we're going to beat them
every time.
"Navy Federal developed a new tag line:
'Our members are the mission.' That
helps ground us in a lot of different ways,"

44

Dawson explains. Navy Federal is experiencing above-peer membership growth
at 10.25 percent as of September 2018,
according to data from the National
Credit Union Administration.
The tactics Navy Federal used to add
those members and keep them coming
back included significantly reducing call
center wait times, increasing the number
of branches from 100 to 328, expanding
to serve all branches of the armed services and veterans, and taking advantage
of mobile banking early on.
"We knew a number of years ago mobile
and digital offerings were going to be
very important," Dawson says, particularly with Navy Federal's highly mobile
member base. "We went about building
apps, and we've been impressed with the
takeup. It's our No. 1 channel."
In regard to employee engagement,
Dawson says that for Navy Federal, "taking care of its employees is part of taking
care of the members." The credit union
upped its 401(k) match to 7 percent for
all employees and introduced the President's Challenge, during which employees are rewarded for making healthy
choices. Navy Federal also rotates
employees to various departments so

they obtain a wide swath of experiences
and identify opportunities for professional development.
"We help leverage and grow careers,"
Dawson says. "Our thinking at Navy
Federal is, the more exposure we can
give people to different parts of the credit
union, the better off we'll be." The combination of all its efforts for employees has
earned Navy Federal a spot on the list
of Fortune 100 Best Companies to Work
For eight times.
As Navy Federal enters into the next
chapter of changes, Dawson considers
Navy Federal's laser focus on member
service a hallmark of his career at the
credit union. He says he's certain he's
leaving the credit union in good hands
with incoming President and CEO
Mary McDuffie.
"Mary is terrific, and she is absolutely
the right person to be my replacement,"
Dawson says. "She's got the background and strategic vision that looks
forward." McDuffie has served Navy
Federal in various capacities, most
recently as chief operating officer
since June 2018.
As Dawson's chapter at Navy Federal
closes, he cherishes the lifelong connections he has made during his time
as president and CEO. "As I leave, I'm
very grateful to Chairman Vice Admiral (Ret.) John Lockard at Navy Federal," Dawson says. "Here's a man who's
dedicated his life to the credit union and
served for 25 years as its chairman for
no compensation. He's led a credit union
that's very supportive of the members
and the employees of Navy Federal. I'm
also very proud of employees at Navy
Federal and thankful for their kindness
and support for the last 14 years. I'm
very proud of them and proud to be part
of their team."
THE NAFCU JOURNAL  MAY-JUNE 2019



The NAFCU Journal May - June 2019

Table of Contents for the Digital Edition of The NAFCU Journal May - June 2019

The NAFCU Journal May - June 2019
Contents
Conferences
From the Chair
Washington and Industry Briefs
The Bottom Line
Welcome, New Members
Knowledge Is Power Credit unions leverage data and analytics for strategic business growth.
Lowering the High Cost of Internal Fraud Policies, culture and training work together to improve fraud detection and prevention.
2019 Annual Conference Exhibitor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal May - June 2019 - The NAFCU Journal May - June 2019
The NAFCU Journal May - June 2019 - Cover2
The NAFCU Journal May - June 2019 - Contents
The NAFCU Journal May - June 2019 - 2
The NAFCU Journal May - June 2019 - Conferences
The NAFCU Journal May - June 2019 - From the Chair
The NAFCU Journal May - June 2019 - 5
The NAFCU Journal May - June 2019 - Washington and Industry Briefs
The NAFCU Journal May - June 2019 - 7
The NAFCU Journal May - June 2019 - The Bottom Line
The NAFCU Journal May - June 2019 - 9
The NAFCU Journal May - June 2019 - 10
The NAFCU Journal May - June 2019 - 11
The NAFCU Journal May - June 2019 - Welcome, New Members
The NAFCU Journal May - June 2019 - 13
The NAFCU Journal May - June 2019 - 14
The NAFCU Journal May - June 2019 - 15
The NAFCU Journal May - June 2019 - 16
The NAFCU Journal May - June 2019 - 17
The NAFCU Journal May - June 2019 - Knowledge Is Power Credit unions leverage data and analytics for strategic business growth.
The NAFCU Journal May - June 2019 - 19
The NAFCU Journal May - June 2019 - 20
The NAFCU Journal May - June 2019 - 21
The NAFCU Journal May - June 2019 - 22
The NAFCU Journal May - June 2019 - 23
The NAFCU Journal May - June 2019 - 24
The NAFCU Journal May - June 2019 - 25
The NAFCU Journal May - June 2019 - Lowering the High Cost of Internal Fraud Policies, culture and training work together to improve fraud detection and prevention.
The NAFCU Journal May - June 2019 - 27
The NAFCU Journal May - June 2019 - 28
The NAFCU Journal May - June 2019 - 29
The NAFCU Journal May - June 2019 - 30
The NAFCU Journal May - June 2019 - 31
The NAFCU Journal May - June 2019 - 32
The NAFCU Journal May - June 2019 - 33
The NAFCU Journal May - June 2019 - 34
The NAFCU Journal May - June 2019 - 2019 Annual Conference Exhibitor Directory
The NAFCU Journal May - June 2019 - 36
The NAFCU Journal May - June 2019 - 37
The NAFCU Journal May - June 2019 - 38
The NAFCU Journal May - June 2019 - 39
The NAFCU Journal May - June 2019 - 40
The NAFCU Journal May - June 2019 - 41
The NAFCU Journal May - June 2019 - Executive Spotlight
The NAFCU Journal May - June 2019 - 43
The NAFCU Journal May - June 2019 - 44
The NAFCU Journal May - June 2019 - 45
The NAFCU Journal May - June 2019 - Management Insight
The NAFCU Journal May - June 2019 - 47
The NAFCU Journal May - June 2019 - Compliance Central
The NAFCU Journal May - June 2019 - 49
The NAFCU Journal May - June 2019 - Inside NAFCU Services
The NAFCU Journal May - June 2019 - 51
The NAFCU Journal May - June 2019 - From the President’s Desk
The NAFCU Journal May - June 2019 - Cover3
The NAFCU Journal May - June 2019 - Cover4
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