Five Questions With: David P. Dupéré

David P. Dupéré was recently named the new CEO and president of Wave Federal Credit Union, taking over following the retirement of Paul Archambault. Dupéré previously served as executive vice president and chief operating officer for Wave, where he has worked since 2008. He has a bachelor’s degree in business administration from Bryant University and is a graduate of the Credit Union National Association’s Management, Financial Management, Regulatory Compliance and Executive Leadership schools.

PBN: What are your top three priorities for Wave FCU in your new role?

DUPÉRÉ:

  • Ongoing digitization of our financial services: Our credit union’s plans and objectives encompass continuing to invest in new technologies that enable more remote service delivery. With the arrival of the pandemic in 2020, Wave was already investing in legacy core conversions, expanded digital delivery of electronic banking services and new automated lending systems. Digital channels and capabilities have pushed our credit union to the forefront of change, demanding digital evolution for the future to better serve our members. The ultimate goal is to support members and provide new value that might be required.
  • Wave’s corporate social responsibility: Wave has always maintained a heightened sense of the importance to do good and provide a leadership role within our community. We know and understand the importance of reinvesting in both our members and our community. Wave continues to reinforce our social commitment through our support of Special Olympics of Rhode Island, West Bay Community Action, RISPCA [Rhode Island Society for the Prevention of Cruelty to Animals], to name a few.
  • Financial Strength and Growth: Wave has always been in a strong, well-capitalized position. With recent changes to include shrinking margins and opportunities to use digitizing technologies, Wave is focused on reinvesting in our members by implementing carefully laid out plans to properly balance member experience and service. Our goal is to focus on our members’ financial wellness and demonstrate how we can best meet their individual financial needs.

 

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PBN: You have been at Wave since 2008, and previously headed Warwick Municipal Credit Union. How does your experience with this company and with credit unions in particular inform your goals for your new position?

DUPÉRÉ: I have been blessed with having the opportunity to work in the financial services industry through college and my entire career of 35 years. This has provided me with the experience to work in big banks, small and large credit unions, and work my way up through the various areas and ranks over the years from teller to CEO.

I understand the importance of quality member service, efficient and effective delivery methods, and community service, while balancing the corporate, financial and leadership responsibilities through these roles I have been afforded.

PBN: What advantages or benefits does a community credit union have over a major national or international bank? Are there disadvantages?

DUPÉRÉ:

  • You Are a Member: You are not just a customer at a credit union, you are a member. This makes you a part-owner of the credit union and you will receive dividends and voting rights to select the board of directors of your financial institution. Our commitment is to our members, not stockholders.
  • Lower Fees: Another way that credit unions pass on savings to our members is by giving them lower fees. This means that in most circumstances, it costs less to have an account with a credit union because our objective is to reinvest in you, our member, and your financial wellness.
  • Better Rates: You can earn more on your deposits and lower rates on loans as we pass on surplus funds to members by giving better interest rates on your various accounts.
  • Investment In Our Community: Credit unions are known for lending to low- to moderate-income members in addition to sponsoring and participating in charitable giving within our local communities. I believe that consumers prefer to do business with organizations that have strong values and support their communities.
  • Better Customer Service: You can expect better customer service from a credit union because we are smaller organizations, and the staff gets to know their members by name and focus on their needs. Another reason is that credit unions have a greater focus on benefiting everyone in the community and recognize that customer service is an important element of this.

PBN: How has the role and services of community credit unions changed over the course of your career, including during the pandemic? Does the rise of fintech and nontraditional lending institutions make it difficult to compete?

DUPÉRÉ: Today, I believe the pandemic has certainly changed members’ priorities and preferences. Even though they may seem the same as they were over the last several years, a closer look reveals they are slightly different. Members are looking for electronic delivery, personalized service and a trusting partnership from their credit union.

Today, consumers are in different financial situations than before the pandemic. Over the past year, many have saved more, while others have reduced or lost their earnings. Our strategy and the conversations we have with our members had to adjust. We must address where they are today, focus on their financial wellness and demonstrate how we can meet their individual financial needs.

In this very competitive environment, I find that traditional banking organizations, like credit unions, are superior to upstarts like fintechs and nontraditional lenders. I believe consumers still have faith in traditional credit unions, which continue to become stronger through productive fintech partnerships.

PBN: How do you plan to balance expansion or enhancement of brick-and-mortar locations with increasing customer preference, generally, for mobile and digital services?

DUPÉRÉ: Our plans consist of having an opportunity to expand our membership by cultivating family and community relationships. One way to accomplish this is by offering our suite of products and services that appeals to all ages, especially adult children who are most likely to ask for advice about loans and investments. We continue to enhance our financial literacy program, which we have been running over the past 10 years with Tollgate High School. We find this as a great opportunity to invest in our community’s [youths] and future savers/borrowers.

We also need to be quick to adapt. So many things from the pandemic we have learned have centered on electronic banking (online and mobile), person to person and digital delivery, which we have accelerated and implemented our delivery of these services. Post-pandemic, we continue to research offering members more contactless payment options.  We continue to build trusting relationships with our members, to inspire hope and enable them to take small steps to create a plan for financial wellness.

While brick-and-mortar locations are always a consideration, the demand for digital delivery and electronic services remain our members’ focus and our credit union plan for the immediate future.

Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.