As financial institutions, credit unions might often get placed in the same bucket as banks by consumers, but as Jenny Vipperman carefully points out, they are not-for-profits whose very existence is to look after their members rather than generate profit for their shareholders.
“We exist for one reason only and that’s to serve,” the President and CEO of ORNL Federal Credit Union tells The CEO Magazine.
“Our true motto is ‘not for profit, not for charity, but for service.’ Our organization is one of many that lives by this every day and works toward the mission of people helping people.
“It’s such a different way to run an organization, especially when you’re entrusted with people’s finances.”
A better workplace
This strong awareness has shaped Vipperman’s career from the start. A chance encounter with a senior credit union leader – and the unmistakable passion he had for his work – inspired her to send her resume to a local branch.
“What motivates me most is the impact our industry can have in helping people build stronger, more confident financial futures,” she says.
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Safeguarding people’s finances is a responsibility ORNL Federal Credit Union has upheld since 1948. Founded to offer financial services to employees of Oak Ridge National Laboratory, a federally-funded research center originally established as one of a trio of covert Manhattan Project sites, the organization has since expanded. It now serves anyone who “lives, works or worships” in 19 counties in East Tennessee, where the credit union currently has 31 branches.
It is the third-largest credit union in the state and has over 225,000 members. Vipperman knows that her role, which she has held since October 2023, carries with it the weight of legacy. Yet she’s not afraid to make the necessary moves to futureproof the organization.
“What makes us different is that we are focused on making the right changes for the right reasons,” she says.
Next-gen leaders
Vipperman is also committed to inspiring the next generation of credit union leaders through the Credit Union Development Education (CUDE) program, which is sponsored by the National Credit Union Foundation, of which Vipperman is the Vice Chair of the Board.
“Since coming to ORNL Federal Credit Union, I’ve focused on putting a mission-aligned team member through every available class,” she says.
“Today, we have eight CUDE professionals with four more going through this year. We’ve developed a committee through which the committee chair, our first CUDE graduate, leads the group to speak and present at our management and all-employee meetings, organizes volunteer experiences and works to advance the credit union mission of ‘people helping people’.”
At the beginning of her tenure, that meant ensuring its pay structure was competitive, as well as rolling out town halls and surveys to improve communication and gauge employee engagement and culture.
“We now meet with every leader, no matter how great their score is, and share with them the top three things that they need to address to make their employees even happier. And that differs from branch to branch,” she explains.
“We’ve really put that onus of responsibility on everybody to make this a better workplace.”
Tech shifts
With that structure now in place, Vipperman’s current focus is on seeing what AI can bring to areas like credit underwriting and fraud technologies to ensure that ORNL Federal Credit Union remains relevant long after she has stepped away from the post.
“I’d like to think we have the courage to do things, even when it can be scary to others, because we know it’s the right thing,” she says.
While these technological shifts aren’t likely to earn the organization coverage on the front page of the newspaper, she says the priority is on working with key partners, such as fintech platform Alkami Technology, to identify innovations that make its employees feel supported and empowered.
For instance, the organization is currently harnessing robotic process automation so that when members are traveling to another state, their credit card automatically knows they’re on the move and that it’s safe to allow banking transactions, rather than an ORNL Federal Credit Union employee having to manually approve everything.
“These sorts of innovations make life easier and allow our employees to focus on more engaging and rewarding work,” she says.
“It’s not the most exciting or sexy thing that we can be out there doing, but it’s absolutely critical that we’re identifying trends in cybersecurity and fraud that could be impacting our organization or members.”
Vision for the future
What remains another of Vipperman’s steadfast commitments is the financial education of the community.
“We recently launched a comprehensive program called ThrivePATH, a financial wellness platform that covers everything from building and maintaining credit to buying a home or a car, all the way through to planning for retirement,” she explains.
“We want to make sure at every turn our members in our community are looking to us for that financial education – and we do that for free.”
It’s important for ORNL Federal Credit Union to offer such services, she adds, because that’s the right thing to do and because it strengthens the community for everybody.
“If we don’t have a growing, successful and financially sound community, then we don’t have a growing, successful and financially sound credit union,” she says.
It’s also the basis for Vipperman’s future vision for ORNL Federal Credit Union.
“Imagine if, instead of worrying about money or how they’re going to finance their next step or purchase, every single one of our members could just live their life,” she reflects.
“If they’re well prepared because we provide everything they could possibly need, they don’t need to spend time on this. That’s my hope. That is my vision for our future. That’s why we’re constantly innovating and looking forward.”
