MDC’s Board of Directors met earlier this month to approve a new, three-year strategic plan for the company. We used that opportunity to talk to Thomas Moore, Board Chair of MDC and an EVP at BCU, about his perspective on the value MDC creates for its owners and what the future looks like for our network.
MDC has experienced a tremendous amount of growth in the past few years. How has that affected the network in terms of our ability to create meaningful solutions for our owners and lead the industry in new directions?
With explosive owner growth the past several years, MDC has benefited from the willingness of our owners to collaborate on common challenges and invest time, money, and other resources so that potential solutions can be developed. Whether it is the incredible success of introducing robotic process automation solutions, fintech company solutions, a central payment hub solution, or countless others initiatives, we are driving collective value for all owners. That value spreads quickly in our industry as other like-minded credit unions recognize we have a better chance of success by working together rather than each of us independently working on our own.
MDC has had shifts in focus over the “phases” of its life span in terms of the types of projects we have worked on. How would you describe our current “phase,” and how does our new strategic plan set a path forward for the network?
Having just concluded our strategic planning meeting, we view ourselves as a development-focused company. Our goal is to enable and accelerate the success of our owners. Competition is only getting more intense, and we are focused on bringing solutions that address and solve challenges we all face for the good of our network.
We recently began focusing on the fintech sector, and that has rapidly expanded into new partnerships, the plan to host two FinTech Expos per year, an investment fund, and more. How do you see MDC operating in this space, and how does MDC help its individual owners stay relevant in the age of fintechs?
There are a very few in our industry with the scale and resources to cull through the thousands of companies operating in the global economy and find the best products or services. MDC wants to simplify the process and expose our owners to new or better ways to drive value creation for our respective memberships and organizations. The mega banks are buying and or partnering with fintechs (both start-ups and mature companies) to accelerate bringing solutions to market. We are seeking to do the same thing, just on a different scale. There are some brilliant ideas out there, and we want to help bring access to those companies and ideas to our members.
A large part of MDC’s current success is due to the leadership delivered by you and your fellow Board members. What are your thoughts about what makes our Board so effective?
MDC is fortunate to have a highly engaged, talented, and forward-focused Board to help represent the interests of the owners. Chuck Purvis [from Coastal Credit Union] stepped down as our Chair at the beginning of the year, and he is a great example—actually I would say a leading example—in our industry of how a credit union can be an innovation leader that levels the competitive playing field. Chuck, along with all the MDC Board members, are thought leaders willing to work and collaborate for the good of all owners. The collaboration in the board room is a big reason why I personally derive so much value from my association with MDC.
What excites you most about our next steps as we move forward together?
I’ve been in this industry for over 30 years. Candidly, I’ve never been more excited about the opportunities we have, despite the changing landscape and intensifying competition. AT BCU, we realize success is dependent on great partners. To me, MDC, as a network of credit unions working together, is one of those partners that will help BCU compete and succeed. While I want MDC to help me with today’s challenges, I really want MDC to help all of the owners think about five or seven years into the future and how we should be preparing ourselves to thrive in an environment that will become increasingly more disrupted. If we do that, we will be doing a great service to all of the owners.