DEI Renaissance Black History Month E-Book:
Beverly Anderson, CEO, BECU
Opened 1935
$30.2 billion in assets
1.3 million members
https://www.becu.org/
As a 30-year veteran with a background spanning the financial services, payment, and fintech sectors, Beverly Anderson could not have been better prepared for the most recent step in her career path. With names like American Express, Wells Fargo, and Equifax under her belt, Anderson has so much experience and heart to bring to the table for the credit union industry.
Aligning Purpose and Passion
In December 2022, Anderson took the reins of BECU. As president and CEO, Anderson is part of an elite group – she is one of only a handful of African American CEOs of a billion-dollar credit union.
Actually, $30.2 billion in assets – and 1.3 million members – to be exact. This makes BECU the largest not-for-profit credit union in Washington and one of the top four financial cooperatives in the United States. BECU currently has more than 50 locations across Washington and two financial centers in South Carolina.
The credit union not only provides financial education, products, and services to help members save money and achieve their financial goals, but BECU is also committed to improving lives and communities through its substantial giving and scholarship opportunities.
“I am so proud and honored to be named president and CEO,” Anderson says. “BECU’s purpose aligns well with my own personal passions of financial well-being and inclusion.”
Financial Services with a Human Touch
BECU’s primary goal is financial empowerment for all members. Great rates, few fees, community partnerships, and financial education programs are all ways the credit union serves its membership and communities.
Because BECU is a member-owned cooperative, success is measured based on its return-to-member, as opposed to measuring return-to-shareholders by public companies. This approach allows members to keep more cash for saving, spending, and investing for their future.
One thing that Anderson truly appreciates about the credit union industry is the meaningful relationships credit unions build with individuals and families as a result of being member-focused.
“I experienced that first-hand at a young age,” Anderson says. “I remember going with my mom to the local credit union at the hospital where she worked. They played an important role in helping her to save for our family’s needs.”
The differentiation between BECU and other financial institutions, according to Anderson, is “the human touch delivered by our 2,800 employees.”
Enhancing Service Through Tech and DEI
How can we better address the needs of the un- and under-banked? It’s a question credit union leaders ask themselves everyday.
To help realize this objective, Anderson says, “With any segment, we first need to understand their unique and distinct needs across various factors. We can then deliver products and services based on these needs. Given the enhancements in data and technology, we have an exciting opportunity to reimagine how we serve those who don’t fit neatly into the traditional frameworks of financial services.”
Another way BECU works to better serve its members is by ensuring the principles of diversity, equity, and inclusion are consistently at the root of all decision-making and planning.
“BECU must reflect the diversity of the communities we serve,” Anderson explains. “A more diverse, equitable, and inclusive organization builds deeper and more meaningful relationships with its members and delivers better business results.”
Programs such as BECU’s Spanish language pilot and Multicultural Emerging Leaders, along with philanthropic efforts of the Black Community Development Project and other nonprofit grants, are all part of the credit union’s DEI initiatives.
“We strive to embed equity and inclusion into every aspect of the way we operate,” Anderson says. “We are proud of the commitment and progress we are making and strive to get better every single day.”
Ready to Drive Change and Achieve Results
Anderson is known for being a results-driven executive, having an innovative ability to drive transformative growth, and for her inspiring and authentic leadership.
Her recognitions include American Banker’s “23 People Who Will Matter in Banking in
2023,” Black Enterprise’s “Most Powerful Women in Corporate America,” CardLinx’s “Top 20 Women in Digital Commerce,” and the Kenneth A. Powell Award for Professional Achievement from the Harvard Business School African-American Alumni Association.
After graduating summa cum laude with a Bachelor of Science in Business from Florida A&M University, Anderson earned her Master of Business Administration with distinction from Harvard Business School.
She is ready to lead and further cultivate the credit union and to work hard for its members. “I look forward to continuing to expand our reach and impact for our members, as well as across new communities,” Anderson says.
Debra Somberg, BECU board chair, believes Anderson understood what makes the credit union special and immediately embraced BECU’s purpose from day one. She is confident Anderson will ensure the credit union delivers on its mission.
“With decades of proven financial services experience, she has a track record of successfully executing innovative strategies in support of short- and long-term business goals and leading with a powerful mixture of fortitude and clarity of purpose,” Somberg says.