Picture this: 430 credit union professionals crammed into one room, watching their peers sweat it out in front of a panel of industry heavyweights, pitching ideas that could reshape how credit unions serve their members.
No, this isn’t Shark Tank—it’s something better. It’s the WCMS Innovators Challenge, and this year’s event was the biggest one yet.
On July 20, the Western Credit Union Management School wrapped up its 66th annual session with what’s become the highlight of their two-week leadership program. Since launching in 2021, this all-day innovation competition has evolved from a simple capstone project into a full-blown idea battleground where credit union leaders learn to think differently, pitch boldly, and maybe—just maybe—create something that’ll make a real difference when they get back home.
The Challenge: See Your Credit Union Through Your Members’ Eyes
This year’s prompt hit at the heart of what credit unions are supposed to be about. Dr. Michael Steinberger, WCMS President and Dean, explained it simply: “This year’s Innovators Challenge topic asked students to see their credit union from the eyes of their members, and to create a new product or service that would help their credit union deliver.”
The result? Teams developed member-focused solutions designed to build trust and actually solve real problems. “Our WCMS leaders developed practical, member-centric solutions designed to protect credit union members and build lasting trust,” Steinberger said. “This year’s challenge empowered leaders to pair strategy with our industry’s core mission of serving credit union members safely and effectively.”
How the Day Unfolded
The Innovators Challenge isn’t just some afternoon workshop tacked onto the end of a conference. This thing is a marathon. Students started their morning in classroom sessions learning innovation strategy frameworks from faculty at the Filene Research Institute and WCMS. Then the real work began.
After lunch, teams dove into intensive group work, developing their solutions with guidance from ten innovation coaches—senior leaders from organizations like TruStage, Origence, Velera, and state credit union leagues from California, Nevada, and Utah. These weren’t just observers checking boxes. They rolled up their sleeves, provided real-time feedback, and helped teams refine their ideas and polish their pitches.
By late afternoon, every team presented their solutions in Round 1. Students and coaches voted, narrowing the field to the strongest contenders. Then came the main event: the Frog Tank Finale.
The Frog Tank Finale (Yes, Really)
The name is a playful nod to a certain TV show about entrepreneurs and investors, but the stakes felt just as real. The top teams pitched their refined ideas to the entire student body—all 430 people, the largest group in WCMS history—plus the panel of innovation coaches. Another round of voting determined the winner, who took home the Diana Dykstra Prize for Credit Union Innovation.
The prize honors Diana Dykstra, WCMS’s former president who left a lasting mark on both the school and the broader credit union movement. She earned a patent for one of her innovations, and her advice to students still resonates: “Look for a problem, and don’t be afraid to fail fast.”
That philosophy—taking smart risks and learning quickly from what doesn’t work—runs through the entire challenge. It’s not about creating perfect solutions on the first try. It’s about building the muscle memory for innovation that students can flex when they return to their credit unions.
More Than Just a Trophy
Here’s the thing about the Innovators Challenge: the real prize isn’t the award at the end. It’s what happens after students leave campus.
Throughout the day, participants got a full immersion experience that included networking with classmates from all three years of the program, collaborative brainstorming sessions, a dinner reception that kept the ideas flowing, and three rounds of presentations designed to sharpen their ability to pitch and implement innovations back home.
“More than just a competition, the WCMS Innovators Challenge reminds every WCMS student of their potential and responsibility to help solve the most pressing issues facing credit unions today,” Steinberger said. “By fostering critical thinking, strategy, collaboration, and a willingness to embrace calculated risks, WCMS consistently strengthens the skills of our students to be transformative leaders for their credit unions.”
The Bigger Picture
WCMS has been developing credit union leaders for 66 years, and the Innovators Challenge represents the school’s commitment to staying relevant in an industry that’s constantly evolving. Financial services moves fast. Member expectations shift. Technology disrupts everything. Credit union leaders need to be ready for all of it.
That’s where events like this matter. They push people out of their comfort zones in a safe environment where failure is part of the learning process. They connect leaders across different credit unions and different stages of their careers. And they send a clear message: innovation isn’t something that happens in Silicon Valley or at giant banks. It happens right here, driven by people who genuinely care about serving their members better.
“Ultimately, we define the school’s success by every student feeling more confident and ready to drive innovation within their own credit union upon their return,” Steinberger said.
Based on the energy in that room with 430 people watching their peers pitch game-changing ideas? Mission accomplished.
Related:
‘Western Credit Union Management School’: A New Name with the Same Educational Excellence