In my thirty years of forming credit union collaborations, I have come to see common lessons, especially in multiply owned CUSOs providing one or more back office operational services. I examine twelve of those lessons in these types of CUSOs. (more…)
Save the date for NACUSO’s 2019 NACUSO Network Conference! Details will be available soon on our conference website at https://www.nacusonetwork.com to book hotel and for more information.
In the toughest competition to date, CU RateReset CEO Keith Kelly once again knocks it out of the park with his 7 minute presentation at the Next Big Idea Competition last week at the NACUSO Network Conference at the Disneyland Hotel.
Two years ago Keith won the competition with CU RateReset. This year he entered with Knocknock, a disruptive digital solution that provides bilateral interaction between the credit union and the member to deliver “just in time offers” based on real time triggers.
CU*Answers has partnered with VantageScore Solutions to allow credit unions to pull an alternative credit score to the traditional FICO score. Utilizing VantageScore will allow for additional insight into the credit history for those members who do not have enough data to return a valid FICO score. The VantageScore 3.0 platform has allowed between 30-35 million previously unscored consumers to be given score information before a FICO score could be returned. According to sources at TransUnion, “Borrowers that are new to credit or haven’t been using it recently could benefit from VantageScore, as it might be able to prove trustworthiness before FICO has enough data to issue a rating.” An additional feature of this credit score is the ability to display the score to members online in It’s Me 247, CU*Answers’ online banking solution.
In addition to the partnership with VantageScore, CU*Answers offers an integration with credit score vendor SavvyMoney. SavvyMoney brings VantageScore data directly to members and offers additional functionality including financial educational tools, payment and loan scenarios. Members can pull a VantageScore on demand, and track trends and changes to their scores using the It’s Me 247 online and mobile banking platforms.
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $21.5 billion in credit union assets. For more information, visit www.cuanswers.com.
As part of an ongoing business continuity program, Site-Four, LLC actively maintains a high-availability (HA) core-processing environment with real-time CU*BASE® data replication between identical servers located at two geographically dispersed, state-of-the-art datacenters. Regular HA rollover events are scheduled to redirect core-processing and operations to the secondary datacenter (located in Kentwood, MI) for up to seven business days. At the completion of each event, core-processing is redirected back to the primary location in Yankton, SD.
“These rollover exercises are an invaluable part of validating business continuity and recovery procedures and ensure the ongoing availability of CU*BASE core processing,” said Alan Rogers, Site‑Four CEO. “Each recovery test and high-availability rollover exercise provides us the opportunity to continually improve the process and adjust the needed procedures accordingly. The best way to accomplish this is to ‘Practice. Learn. Document. Repeat.’”