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.
In its most recent stockholder newsletter, CU*Answers, the Grand Rapids, Michigan-based cooperative CUSO, announced that it had completed a successful core conversion for San Angelo, Texas-based 1st Community Federal Credit Union. With the conversion, 1CFCU also become the first CU*BASE® user to leverage the new interface to the loan origination system from Austin, Texas-based CUSO Sync1 Systems.
When asked to comment on the conversion, 1st Community FCU CEO Bill Nikolauk said, “When we first started talking with the CU*Answers team, we were intrigued by their business model but we weren’t really looking to go through a core conversion. Nobody in their right mind wants to go through a conversion. With that in mind we knew the challenge of the conversion would be worth the great benefits of a more extensive system. Dealing with partners instead of a corporation is always the best option. The more we talked to our peers that were using CU*BASE, the more we thought a core change was exactly what our team and our members needed.”
Nikolauk concluded, “From start to finish, the process was managed extremely well by all the teams. And we couldn’t be happier to now be part of a cooperative that not only has awesome tools, but they also share our values.”
Scott Collins, EVP of National Sales and Marketplace Development for CU*Answers commented, “Our cooperative is excited to not only have another customer-owner in Texas, but also to have our first user of the Sync1 Systems LOS deployed in our network. The project was a tremendous success because all three parties—Sync1, 1CFCU and our team—were committed to bringing cost-effective and game-changing tools to not only the credit union team, but directly to the members as well. The successful launch was the culmination of five months of hard work by all teams, and I commend Bill and his entire team for a job well done. I look forward to many years as business partners and friends.”
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 45+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 1.9 million members and $19 billion in credit union assets. For more information, visit www.cuanswers.com.
Donation Augments CO-OP Shared Branch, ATM Networks to Serve Displaced Members
CO-OP Financial Services is donating $10,000 to CUAid, organized to help credit unions and their members in the Carolinas as they work to recover from Hurricane Florence.
“Hurricane Florence reminds us that natural disasters can come upon us with amazing speed,” said Todd Clark, President/CEO for CO-OP. “We have been proactively contacting clients in the impacted areas to assess needs and determine where we can help. The donated funds on behalf of our client credit unions is one expression of that outreach, in addition to our vast network of branches and ATMs, ensuring access to accounts for those displaced by the flooding.”
CUAid is an online disaster relief system organized by the National Credit Union Foundation. Money raised is for credit union employees, volunteers and members affected by the powerful storm.
To donate, CUAid can be found at www.cuaid.coop.