Lysa Barbano, Senior Vice President & Florida Market President, VyStar Credit Union

Lysa Barbano, senior vice president and market president of VyStar Credit Union, spoke with Invest: about the banking and financial sector in Greater Orlando and Central Florida overall while also discussing changes in client demand and the outlook for VyStar in the near term.

What have been the overall contributions or impact of VyStar Credit Union in the Greater Orlando region in the past year?

VyStar continues to have a profound impact on the region. In addition to helping our more than 975,000 members achieve their financial goals, we are investing in growth and expanded services in Central Florida. We opened a branch in Altamonte Springs earlier this year and have another opening coming up in the Lake Nona area, scheduled in Q3. 

We’ve also been growing in Northern Florida as well, including our merger with 121 Financial Credit Union.  At the heart of this growth is our purpose to Do Good. In 2023, we supported more than 400 nonprofit organizations with over $6.6M in donations. We also have an active volunteer program where our full-time employees are encouraged to donate at least eight hours of their time to volunteering. We provide them with paid time off to complete these hours. Last year, we exceeded every other year’s target with over 32,000 volunteer hours. 

We launched VyStar Foundation in 2023, which granted nearly $200,000 in funding to military nonprofits in its first grant cycle. We followed up in January with another $200,000 to 10 nonprofits focused on youth. 

In addition to enhancing our volunteerism and giving, we also introduced products and services, built new partnerships, and grew in new communities. From making the dream of home ownership a reality to starting a new business, the individual needs of our members always come first. These initiatives are all ways in which we live out our purpose to Do Good and our core value to Lead by Example. 

What is your overview of the banking and finance sector in the Greater Orlando region? 

We have a very competitive environment in Central Florida. There are banks and credit unions on every corner. Not only are we competing with other financial institutions, but we’re also competing with the internet and other services.

One of the things that helps us stand out is our commitment to the community and to giving back. We live out our purpose to Do Good and our core value to Lead by Example each day in all the communities we serve. 

VyStar is also dedicated to the military community, supporting military members and their families across the country and throughout the world.

Another factor that helps us as a credit union is that we have a member base. Our members are owners. That’s a little bit different from a traditional bank or other financial institutions because everything we do is focused on the needs of our members.

One of the incredible things about Central Florida is that all the financial institutions work together. I see friends, leaders from other credit unions and financial institutions at almost every event we participate in and support. It is a rare and compelling attribute about the Central Florida community. Business leaders are committed to helping one another and supporting community growth overall. It’s something unique in comparison to other places I’ve been.

How have client expectations shifted, especially considering the array of differentiated banking services available?

Clients expect exceptional levels of service and solutions to meet all of their needs. Consumers are demanding expanded levels of service that we’ve not seen historically. They know they can get the product they need almost anywhere. If we’re not delivering on our vision to provide unbelievable service and unbelievable experiences to our members, they know that they can go somewhere else and be served. We are competing not only against financial institutions across the street or online but also against all service organizations. Clients are comparing their experience to what they received at their local coffee shop or at the restaurant that they love, where the server knows them personally.

It is an extremely competitive environment, and we need to stand out in a way that makes an impactful difference for our members—from the service we provide to the solutions we offer to the way we exceed their financial needs. 

What products or services have been the main drivers of growth and why?

Interest rates are contributing to a competitive landscape. People are looking to make the most out of their savings and investments. Where we’ve seen the most growth most recently is through our certificates of deposit. There has been a lot of discussion this year about the Federal Reserve cutting interest rates, how many times, and by how much. With that speculation and dialog happening, consumers want to ensure their money is locked in at the best rate so they can maximize their returns. 

What is the outlook for VyStar Credit Union in the near term, and what are the top priorities?

VyStar’s outlook is extremely positive. We remain focused on growth for good, and we expect to continue to serve our members in more locations with additional products and solutions based on the needs that we identify, as well as the changing economy and evolving technology that allows us to do different things for our members. As an organization, we know we need to remain agile–looking for the right opportunities and staying attuned to what’s going on with our member base. 

We also have new branches coming to Central Florida and are exploring opportunities to open a high school branch in Central Florida.

As the years continue to unfold, we will also build on our critical community partnerships. In Central Florida, we have so many to name, but just a couple of our critical partnerships are the Orlando Economic Partnership, the Central Florida Zoo and Botanical Gardens, the Dr. Phillips Center for Performing Arts, and, of course, our amazing Orlando Magic NBA team. 

The future looks bright for our region, and VyStar is proud to be a part of its growth and success in Central Florida.