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 of April 20-23 for NACUSO’s 2020 NACUSO Network Conference to be held at the Disney Yacht & Beach Club in Lake Buena Vista, Florida. Details will be available soon on our conference website at https://www.nacusonetwork.com to book hotel and for more information.
The 7th annual Next Big Idea winner is Zogo Finance. Bolun Li, Founder of Zogo began his presentation by asking the attendees to raise their hand if they had teenagers, now or in the past. And then he did an amazing job explaining to a room full of parents how his product can both educate and motivate teenagers. A daunting task to be sure. Zogo received 55% of the audience’s votes to claim the victory. Click here for photos and to watch his post-victory interview with Mike Lawson, CUbroadcast.
Click here to see photos and read about who the winners of this year’s CUSO of the Year and New CUSO of the Year Awards were.
Trellance (www.Trellance.com), the leading provider of analytics solutions for credit unions, is excited to announce that America’s First FCU (Birmingham, AL) has joined the innovative OnApproach M360 Enterprise industry platform. The credit union looks forward to using their data optimally and benefiting from the platform’s enhanced enterprise reporting and collaborative capabilities in guiding business decisions.
“Like many organizations, our data lives in several disparate systems, which leads to manual processes for reporting, branch/channel analysis, loan portfolio management and so on. With OnApproach M360, we can streamline and automate these processes, which gives our team more time for making informed data-driven decisions rather than spending time gathering information,” stated David O’Dell, Business Intelligence Manager at America’s First FCU. “After surveying the marketplace and considering all the options, we found that OnApproach M360 offers a superior value proposition when considering functionality and cost. Additionally, we are excited about the CU App Store and its collaborative nature, which is central to the CU movement,” he added.
Giving members more
In 2018 when Vermont based River Valley Credit Union was looking for solutions to boost its card program, the team reached out to Trellance to implement the Card Portfolio Growth Solutions (CPGS). “We marketed our credit card in house for many years and consistently added approximately 10-20 new accounts per month, but we were interested in finding a way to market our cards to new membership and boosting usage to existing cardholders,” explained Laura Paice, AVP, Consumer Lending at River Valley CU. She confessed that existing cardholders’ spending power was very tight because although they increased approval amounts for unsecured loans, they had not looked at credit lines within their card portfolio for a long time.
Trellance’s data-driven, implementation-ready CPGS was just the strategy River Valley needed to boost its card portfolio. Ann Farrell, Director of Portfolio Growth at Trellance, noted that “The program has been averaging 19% year over year in revenue for participating credit unions since we started the solution in 2016.