It’s always inspiring to see a group of women come together to drive meaningful change. In the traditionally male-dominated financial services industry, this remains less common, but the numbers are shifting. Data shows that more women are entering the field, bringing fresh perspectives and leadership to the table.
Prizeout is a fintech company that partners with credit unions to help their members maximize their money while generating additional non-interest income for the institutions. To facilitate this, a group of credit unions established Prizeout Partners, a credit union service organization (CUSO), in February 2023. This CUSO grants credit unions access to Prizeout’s CashBack+ ecosystem while its board oversees strategic direction, financial health, and regulatory compliance, ensuring long-term growth and value for its credit union partners.
The Prizeout Partners CUSO board is uniquely made up entirely of female executives from Suncoast Credit Union ($17.8B, Tampa, FL), Stanford Federal Credit Union ($4.3B, Palo Alto, CA), Michigan State University Federal Credit Union ($8.1B, East Lansing, MI), and Interra Credit Union ($1.9B, Goshen, IN). We sat down with these leaders to discuss their unique perspectives, advice for women pursuing fintech leadership, and the initiatives they are championing to expand opportunities for women in the industry.
What unique perspective do you bring as a female leader in fintech, and how does that influence the board’s decisions?
Darlene Johnson, Executive Vice President, Suncoast Credit Union: As a female leader in fintech, I bring a unique perspective that is deeply rooted in empathy, collaboration, inclusion, and a commitment to innovation. My journey in the credit union industry has taught me the importance of understanding and addressing the diverse needs of our members, particularly those from underserved communities. This perspective influences my decisions as a board member by ensuring that we prioritize initiatives that promote financial inclusion and support the wellbeing of all members.
My approach to leadership emphasizes the value of diverse viewpoints and the power of collective problem-solving. By fostering an environment where all voices are heard and respected, I help the board make more informed and balanced decisions. Additionally, my focus on social impact and community engagement ensures that our strategies align with the broader mission of improving the financial health of our members and communities. This holistic and inclusive approach not only strengthens Suncoast but also sets a positive example for the industry, demonstrating the value of diverse leadership in driving meaningful change.”
What advice would you give to women looking to break into leadership roles within fintech and financial services?
Darlene Johnson, Executive Vice President, Suncoast Credit Union: Breaking into leadership roles within fintech and financial services can be challenging, but it’s certainly achievable with the right approach. I believe women should start by immersing themselves in various aspects of the industry, gaining experience in different roles to build a comprehensive understanding of member needs. Networking with other women leaders and seeking mentorship opportunities can open doors to unique opportunities and partnerships, providing guidance and valuable insights from experienced leaders. Continuous learning and development are crucial, as seen in my championing of the Leadership Excellence Achievement Program (LEAP) at Suncoast, which has successfully graduated many team members into various leadership roles.
Embracing innovation and adaptability is essential in the rapidly evolving fintech industry. Women should be open to emerging technologies and innovative solutions, as demonstrated by my approach to partnering with fintech companies such as Prizeout. Additionally, focusing on social impact and community engagement can enhance leadership profiles and attract like-minded individuals to the team.
Building strong relationships and fostering authentic engagement with members and employees are foundational to trusted relationships. By following these strategies, women can effectively navigate the path to leadership roles within fintech and financial services, making a significant impact on the industry and paving the way for future generations.”
Amy Sink, CEO, Interra Credit Union: Get involved. Find a mentor and be present. Do the small things that get you noticed and find ways to get invited to events that help you network.
Fintech and credit unions have historically been male-dominated spaces. How has your role on this CUSO board helped challenge that status quo?
Amy Sink, CEO, Interra Credit Union: I never think about my participation as challenging the status quo. I work on things that are important to me and work with people that have high expectations.
What initiatives or strategies has this CUSO board championed to open more opportunities for women in fintech?
Amy Sink, CEO, Interra Credit Union: We are challenging the “war” on payments. Managing deposit goals and competing with P2P is the new normal and Cashback+ is a tool to help us compete.
How has being part of this CUSO board influenced your own professional growth and vision for the industry?
Amy Sink, CEO, Interra Credit Union: I really enjoy starting something new. In the case of Prizeout, it’s having the opportunity to create a new product and share it within the industry. As a person who has been in the industry for a while, it’s easy for me to share this kind of idea with my friends. Not every CUSO idea works for every credit union but the collaboration in our industry allows us to agree and disagree.”
April Clobes, President & CEO, Michigan State University Federal Credit Union: Serving on the Prizeout CUSO board has provided me with a deeper understanding of how a fintech company evolves — maturing, scaling, and continuously innovating even after an initial product finds success. Our ongoing work and board service has broadened my perspective, allowing me to apply these insights to other boards I serve on, ultimately helping organizations expand and enhance their member experience.
When fintechs succeed, they elevate the entire industry, strengthening its ability to compete and drive innovation. In the early stages, fintechs gain invaluable insights from those who have successfully navigated growth challenges and scaled their businesses. My experience on the board has not only enhanced my effectiveness in my role but has also made me a more knowledgeable and strategic advisor.
What do you see as the biggest challenge facing women in fintech today, and how can organizations like CUSOs help address it?
Amy Sink, CEO, Interra Credit Union: Women have a propensity to take themselves out of the “game” for lots of reasons, but it can hold them back and have them looked over.
What’s one key change you hope to see in fintech leadership over the next five years?
April Clobes, President & CEO, Michigan State University Federal Credit Union: Many fintech leaders I work with are deeply passionate about their products and services, always seeking ways to enhance the member experience. I encourage them to continue fostering collaboration by formalizing and expanding communication channels to support and learn from one another.
The cooperative spirit within the credit union space is what sets this industry apart and has been a driving force behind its growth. While many fintech leaders have begun forging partnerships and identifying synergies, there remains opportunity to collaborate for integrations. By working together and supporting each other, fintechs can strengthen their ecosystem, ultimately driving greater member engagement and delivering even more value.
Strong female voices have the potential to make change. These women in particular are championing mentorship, innovation, and collaboration among one another and their teams to shape the future of their organizations. As the industry evolves, so will their impact, ensuring that more women have a seat and say in the future of financial services.
Prizeout is an advertising and financial technology company that helps put money back into people’s pockets. Through Prizeout’s technology, brand-funded offers are available to all partners, including financial institutions, gaming companies, gig economy startups, and more, giving them access to instant cashback from national and local brands when they shop with digital gift cards. The company was founded in 2019 and is headquartered in New York City. For more information about Prizeout, please visit www.prizeout.com.
