Dale Turner, President & CEO, TruStone Financial Credit Union

Dale Turner, president and CEO of TruStone Financial Credit Union, spoke with Invest: about strengths and successes in the Twin Cities, while also discussing the bank’s client focus. “Our philosophy is to focus on the consumer experience, running a strong business that provides member value,” he said.

What have been some of the main highlights and key milestones for TruStone Financial Credit Union in the last 12 months?

2024 was a great year for TruStone Financial, a year in which we celebrated our 85th anniversary and saw an 8.4% asset growth that led us to a $5.4 billion asset size. We’re the second largest credit union in the state of Minnesota and among the largest in the nation. From a size standpoint, we have enough scale to serve our members, but it is also critically important that we know our members and deliver value. The feedback tells us we do: We received a 91st percentile return of member score, a ratio comparing TruStone to industry peers in terms of savers, borrowers, and members service usage. We have been named one of America’s Best Regional Credit Unions by Newsweek magazine. We were named a national standard top workplace by the Minneapolis Star Tribune, a reflection of our workplace culture. We’re focusing on a blend of operational excellence as a business, but also as a cultural driver of significance for our employees and members. 

What is your overview of the banking and finance sector in the Twin Cities, and are there any trends or dynamics that are emerging?

Minneapolis-St. Paul has one of the most educated workforces in the United States, with significantly low unemployment and a Midwest-value work ethic. Combining those, we have an ideal location from a business expansion and growth perspective. Other financials know that.  In the banking and finance sectors in the Twin Cities, the industry is extremely competitive. We have eight credit unions and 20 banks with over $1 billion in assets.

Where are the strongest opportunities for growth within the banking and financial space in the Twin Cities?

Typically, a bank’s focus is driven by profit and share price. As a credit union, we’re not publicly traded – our owners are our members, the same people who do business with us every day. Our philosophy is to focus on the consumer experience, running a strong business that maximizes member value. If we aren’t exceeding member expectations in everything we do –answering the phone quickly, offering competitive products and convenient services, or simply supporting what’s important to our neighborhoods – we are falling short. 

Have you identified a shift in client expectations in recent years? 

New expectations in technology are widespread. People want information, results, and solutions faster. We have to be nimble and adaptable, optimizing technology while maintaining the personal touch that truly makes us who we are, a philosophy deeply embedded in our brand and business model. It’s a careful balance between the two to create solutions to address a higher expectation of consumer experience. They want to have a good experience, they want their answers now, and it should be simple, collaborative, and done with integrity. 

How is TruStone Financial Credit Union leveraging technology and innovation to provide the best quality services to its clients?

We’ve made massive investments in infrastructure, internal processes, and digital mobile services for our members. Security is the most important aspect. People are concerned about deep fakes and fraud, so we’ve spent considerable time and resources on security tools to protect our membership. We leverage generative AI in several ways, including TruAssist, an internal informational support tool used by staff.  Our AI-powered chat (named Ruth, after a long-term employee significant to our history) responds to member questions quickly, seamlessly, and consistently. It’s easy to get answers. We realized long ago we can’t do this alone, and as such have made various fintech partnerships to support our digital transformation. 

What are the primary challenges in the banking and financial environment, and how is TruStone Financial Credit Union working to address these challenges?

People are replacing their debit and credits more frequently than ever because of fraud. The bad guys and girls are pretty good at defrauding the system, and we need to protect our consumers. Broadly, we are seeing rising consumer delinquency within the financial sector. Credit card debt for consumer households is higher than it has been in the past. Another challenge is competition, particularly from unlikely sources. Not only do banks and credit unions compete with each other, but a wave of non-traditional competitors expanded the financial services industry to a considerable degree. Our members have access to more options than ever, and not all of them are in their best interest. We address these challenges with a unique business model that focuses simultaneously on financial performance and member value, something we are able to do in large part because of our strong consumer balance sheet. 

Which products and services are driving growth and profitability for TruStone Financial Credit Union?

Organizations should focus on what they are good at. We focus on our core competencies. We focus on ensuring our members achieve lifelong financial well-being. By doing that, we find four categories of focus. The first is mortgage lending. People need affordable mortgages to help them achieve the American Dream. Auto loans and home equity loans are important pieces of the equation, and consumers need to be able to access the wealth and equity they have in their home. The third focus is checking accounts, which we make easy and seamless with accessibility to digital and mobile banking. The last part of our portfolio is commercial lending, which makes up about one-third of our portfolio. Those are commercial needs that commercial and small-business owners require, such as commercial real estate. 

Is TruStone Financial Credit Union implementing any financial literacy initiatives or programs?

The connection to education is near and dear to TruStone’s heart. It wasn’t but 85 years ago we started as an education credit union. Teachers were our primary members. Our commitment hasn’t changed. Education within the community, whether it be homebuying or investment seminars, digital learning, or our support of educational programs, are robust. Our employees take this  personally, dedicating over 2,300 hours within the community just last year. They advocate for and assist our community, whether it be through educational purposes and financial understanding, or simply helping those who need assistance. We want to ensure we’re taking community involvement seriously and driving community impact. 

How would you say the definition of financial freedom has changed in recent years?

There’s a psychological shift as it relates to post-COVID and how consumers feel. There’s been more attention given than ever on ensuring we aren’t issuing junk fees and focusing on unnecessary costs to financial well-being. Consumers, as they should be, are becoming more educated on a variety of financial subjects, such as the cost of credit and leveraging technology. The internet and AI allow us to be more informed. It’s evolving at an incredible pace, and people are driving their own financial experiences. More education is more freedom. The consumer’s ability to better educate themselves gives them greater ability to pick the institution most aligned with their personal goals and objectives.