What’s In A Name: Chief Product Officer

Credit unions juggle dozens of products, services, and initiatives — but without a clear owner, even the best ideas can stall.

At Bay Federal Credit Union ($1.7B, Capitola, CA), Brooke Morley has helped solve that problem since 2022 as one of the industry’s only chief product officers.

“Typically, when I mention my position, I am met with a confused look followed by several questions,” Morley says.

Credit unions might not typically have a chief product officer, but Morley is showing how the role can streamline implementation, bridge departments, and align product delivery with strategic goals. In the conversation below, she outlines how the role came to be, what it entails, and the impact it’s had on member experience and operational efficiency.

Talk about your professional journey. How did you end up at Bay Federal?

Brooke Morley: I started in mortgage originations right out of college and moved into credit unions after the recession. I worked in both mortgage and consumer lending for about 15 years, eventually running different lending groups.

I joined Bay Federal originally to run all lending areas but moved to San Diego for an opportunity with a larger credit union. I ran consumer lending there and then transitioned to mortgage. It wasn’t the right fit, so I did some consulting work and then COVID hit. Eventually, I reconnected with Bay Federal to oversee a mix of departments, including deposit operations, payments, loan servicing, collections, and fraud — things that don’t typically go together but intersect a lot in the real world.

Why did Bay Federal create the role of chief product officer? What are your core responsibilities?

BM: We realized there were communication gaps, and my role became the bridge. What started as a necessity became an opportunity to reshape how we design products and deliver services, both for our members and staff. That was two and a half years ago.

Half of my job centers on product development and refining the member experience; the other is oversight of the departments I manage. This includes deposit and loan servicing, collections, payments, and fraud, which might not seem glamorous, but they’re essential. If the back end isn’t smooth, it can totally derail the member journey. We put a lot of focus on onboarding and marketing, but retention happens in servicing. If something goes wrong, that’s what makes people leave or stay.

What’s the most common misconception about your role?

BM: It’s not the same as a project manager. Project managers track tasks and deadlines. I focus on design and long-term product performance such as what happens after launch, not just getting it across the finish line.

How do you collaborate with other executives?

BM: I work with all of them. Our CEO and COO set the strategic direction while our CFO works with me to align our goals with the balance sheet. Our CIO guides feasible solutions because they know what we can and can’t do with our systems. Meanwhile, our CMO helps us understand what’s resonating, and our CXO provides staff and member feedback about what’s working or not.

What are some of your big changes or standout wins with this position?

BM: Deposit product ownership was kind of split across finance, marketing, and experience. My role helped unify that. Everyone’s looped in from the start of a project now, so we’re not discovering system limitations or compliance issues halfway through.

Our biggest win so far is probably a credit card refresh we launched in February. It was a cross-departmental effort. We introduced rewards, restructured the lineup, and made them more appealing, especially to younger members just starting to build credit. We saw 45% of spend move into higher interchange categories and a 13% increase in portfolio spend.

What is the biggest lesson you’ve learned from this role?

BM: This role only works if everyone understands it’s not about stepping on toes but about helping move things forward. As a chief, you’re used to running your own team and owning your space, but in this position, you’re facilitating others’ expertise and aligning everyone around a shared goal. You’ve got to trust your peers and communicate clearly from the start.

How do you measure success in your role?

BM: For new products, we look at adoption rates, usage metrics, and Net Promoter Score feedback. We also measure operational efficiency. For example, can we handle more volume without adding staff? Another piece is evaluating legacy products. We realized 95% of our members were in the same checking account type, so that triggered a review. You have to ask: Are these products still relevant? Are they performing? Is the design aligned with today’s member needs?

How have member expectations evolved recently, especially in your market?

BM: Ease of use and speed are top priorities. Members want slick digital tools and fast transactions, but if something goes wrong, they want a human and fast. That’s where credit unions shine. We can still deliver personal service in-branch or on the phone.

In our region, Santa Cruz is a surf town meets Silicon Valley meets agriculture. You can’t assume one-size-fits-all. Around a few of our branch locations digital banking isn’t the norm, and people aren’t looking at online advertisements. People bank based on trust, word of mouth, and personal relationships. They care more about being able to walk into a branch and talk to someone than they do about mobile features. That insight drastically changed how we approached product and marketing strategies for that area.

What advice do you have for a credit union that’s considering creating a chief product officer role?

BM: Do it, but do it intentionally. This role isn’t just about launching new products. It’s about connecting dots across departments.

This interview has been edited and condensed.