Patrick Pierce, President & CEO, City & County Credit Union

In an interview with Invest:, Patrick Pierce, president and CEO of City & County Credit Union, highlighted the organization’s ongoing investments in expanding its digital offering and capabilities while also highlighting the Twin Cities as the place to do business. “We have a robust workforce. There are lots of great people who are well educated and able to adjust to the new economy,” Pierce said.

What were some key highlights for City & County Credit Union over the past year?

Within the last year, City & County Credit Union has taken big strides in technology. We have found partners who have been able to enhance our member experience while also improving the technology on the backend for our staff. 

For example, we recently launched push notifications to our mobile app giving us the ability to send custom, real-time alerts to our members. This has been vital in sending fraud alerts to members when trends in scams have appeared. 

We also have paid close attention to artificial intelligence and how it can be used to improve business practices. Right now we are using an AI based loan tool that helps provide a seamless online loan application and a simplified approval process on the backend for staff. 

This is really only the beginning of more to come as we know AI is our future and it is vital for City & County Credit Union to integrate these capabilities. 

What trends are influencing the banking sector in the Twin Cities?

We are seeing business folks having an appetite for investing. It is a little uncertain at the moment so some people are taking a bit of a step back as many investors are cautious, but many of our members are focusing on growing their businesses and, in effect, taking out business loans. Interest rates, however, have remained high given the economy and inflation. Checking accounts are also a main driver of growth for the credit union, in addition to small-business loans. There are many small businesses, partnerships, and S- or C-corporations that need small-business loans. 

What makes the Twin Cities suitable for business relocation?

We have a robust workforce. There are lots of great people who are well educated and able to adjust to the new economy. We have seen an uptick in the talent that is coming to work for our credit union. The general business climate in the region is solid. There are many companies seeking to grow and local leadership reflects that as both of the mayors have pro-business views.

What separates City & County Credit Union from its competitors?

Regardless of how many new branches we open or products we develop, we are focused and driven by our service model. Our members are owners and are at the core of every decision we make. From our tellers to IT staff to our marketing department, we all know and acknowledge that we work for our members. Even myself – if they want to speak with the president of the credit union, they will get the president. We don’t just talk the talk of being a not-for-profit member-owned cooperative, we walk the walk. 

How have clients’ expectations changed when it comes to the banking experience?

Members want a digital-first financial institution with a human touch. This means members want to be able to apply for a loan and get approved for a loan within a matter of minutes 100% online, but still talk with a human if they have questions. They really want the best of both worlds, and it is our job to figure out how we can provide that delicate balance. 

What key challenges are credit unions facing?

One of the biggest challenges credit unions are facing is staying competitive against big banks, online banks and fintechs. It’s not that we can’t compete, it’s instead how quickly can we adjust and adapt new technologies to match their offerings. Some things credit unions simply can’t do whether it is due to regulation restriction or cost of technology. Then the question becomes what benefits and solutions can we provide to our members that still keep us at the top of their wallet. 

Another challenge credit unions are facing is fraud. Before it used to be people writing bad checks – think Catch Me If You Can – now it is more digital. There are many scams floating around where the fraudsters can drain an unsuspecting person’s account in a matter of seconds. The scams can be creative, where the fraudsters can convince others what to say in order to get their way. Although catching fraudsters is a challenge, the bigger one is ensuring we are providing education to our members to protect themselves from becoming a victim. We do host workshops, along with the state of Minnesota and Commerce Departments. But new scams pop up all the time, so this is a continuous effort. 

In what ways is the credit union working to increase financial literacy?

We offer in-person and online workshops for our members on a host of topics that stretch beyond budget basics such as home ownership, navigating Medicare benefits and how to read a credit report. Our financial education team also visits high school classrooms weekly to educate students on important money topics including how to get a loan and responsibly start your credit. In 2024 alone, our team educated 1,309 students in our community. We believe that empowering members to reach their financial goals starts with education. 

How has the understanding of financial freedom changed in the past few years?

You would think the idea of financial freedom would change as the economy shifts or new financial technology is developed, but building a nest egg to cover emergencies continues to be the top ideal state of financial freedom for our members. That said, members used to strive to have $500 in a savings account and that number has slowly increased along with the cost of living. 

What are the credit union’s top priorities for the next 12-18 months?

At City & County Credit Union, we grow as our members grow. Our priority continues to be focused on evolving as the needs of our members change. This includes continuing to invest in technology to make managing your finances anywhere, anytime possible, seeking out fintech partnerships that enhance our benefit offerings and continuing to adjust our branch footprint to create the best member experience.