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 http://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.
Constellation Digital Partners, LLC, the 2017 winner of the NACUSO Next Big Idea Competition, has received an investment from Mission Federal Services, LLC, a Credit Union Service Organization (CUSO) of Mission Federal Credit Union. Constellation founder and CEO Kristopher Kovacs closed the investment May 30 with Ron Araujo, CUSO president of Mission Federal Services, LLC.
The investment from Mission Federal Services, along with funds from other investors, propelled Constellation to exceed its original capital raise goal of $27 million to now $32.5 million. As a result, credit union investment opportunities in Constellation Digital Partners are now closed.
“We are investing in Constellation because it is a cutting-edge future solution that will help transform credit union members’ mobile and online banking experiences by providing them with choice and flexibility that are unparalleled in the credit union industry,” said Araujo. “As an increasing number of credit union members choose technology to meet their banking needs, especially on mobile devices, the platform will allow them to enjoy a highly personalized experience. Constellation will help credit unions keep up with their members’ needs as they continue to evolve.”
The Constellation platform makes it possible for credit unions to access resources needed to provide the digital services members want. Constellation’s patented secure marketplace benefits fintech developers, credit unions, and most importantly, credit union members. With Constellation, credit unions will now be able to engage members in a way that’s never been possible before.
“Credit unions take pride in providing members with financial services that help them reach their goals,” said Kovacs. “Our goal is to put the member experience back in the center of every credit union’s strategy. So, we’re very excited that we’ll be able to help credit unions provide their members with innovative digital features and services to help them reach those goals.”
Fifteen other CUSOs, credit unions and partners have invested in Constellation, including: Coastal Credit Union, Teachers Credit Union, CFCU Community Credit Union, Meritrust Credit Union, Farmers Insurance Federal Credit Union, Georgia’s Own Credit Union, Affinity Federal Credit Union, Kinecta Federal Credit Union, Vizo Financial Corporate Credit Union, TwinStar Credit Union, Nusenda Credit Union, Catalyst Corporate Credit Union, CU Solutions Group, CO-OP Financial Services and CUNA Mutual.
About Constellation Digital Partners, LLC
Constellation is developing a patented, secure and flexible cloud-based marketplace that enables upper to mid-tier credit unions and innovative app developers to provide safe, reliable, and next-generation digital financial service experiences while giving the freedom to compete, innovate, and thrive in the financial services industry. Constellation will redefine what credit unions offer, delivering digital financial services in a way that enables them to place members at the center of their business strategy. Visit www.constellation.coop to learn more.
About Mission Federal Services, LLC
Mission Federal Services, LLC is a Credit Union Service Organization (CUSO) of Mission Federal Credit Union. Mission Fed is a not-for-profit organization providing a wide variety of financial services to meet the needs of its members. With over $3.5 billion in assets, 30 local branches, and more than 230,000 members, Mission Fed is the largest, locally based financial institution exclusively serving San Diego County. Mission Fed enhances the lives of its members through financial education and financial services. In addition, Mission Fed contributes to hundreds of educational and nonprofit organizations. At Mission Fed, your success is our bottom line. All San Diegans are welcome. Federally insured by NCUA and Equal Housing Lender. To learn more, visit www.MissionFed.com.
Triangle Credit Union, FD Community Federal Credit Union and Greylock Federal Credit Union sign long-term partnerships with the CUSO
The nation’s leading CUSO has announced the addition of three new Owners in the New England area to the PSCU cooperative. Triangle Credit Union (Nashua, N.H.), FD Community Federal Credit Union (Waterbury, Conn.) and Greylock Federal Credit Union (Pittsfield, Mass.) have all signed long-term agreements with PSCU for a variety of services, ranging from credit processing to Total Member Care contact center support.
“Each of these three credit unions shares PSCU’s commitment to delivering unparalleled member experiences, and we are pleased to welcome them to our growing network of Owners in the Northeast,” said Scott Wagner, PSCU EVP and Chief Revenue Officer. “We look forward to partnering with them to provide their members with highly integrated payment solutions using the most innovative technologies on the market.”
Joining PSCU for credit and debit processing services as well as Total Member Care, Triangle Credit Union — which serves more than 54,000 members and has $660 million in assets — selected the CUSO due to its dedication to serving credit union members across the country with quality services and experiences.
“Triangle Credit Union is very much a member-oriented financial institution, and when introduced to PSCU at various events, we were very impressed with its focus and commitment to members,” said Maurice D. Simard Jr., President and CEO of Triangle Credit Union. “We were in the process of reintroducing a credit card program and seeking a more robust 24/7 call center solution and found PSCU’s culture to be an excellent fit and complement to ours.”
FD Community Federal Credit Union, founded in 1934, joined PSCU for debit and credit card processing in order to integrate the two processing streams into one under the CUSO.
“We requested proposals from several providers with the goal of improving efficiencies by consolidating debit and credit processing into one platform and reducing costs,” said James Higgins, COO of FD Community Federal Credit Union. “We chose PSCU over its competition because as a credit union-owned cooperative, the CUSO aligned nicely with our philosophy of providing value to members.”
With more than 78,000 members, Greylock Federal Credit Union had similar reasons for joining the cooperative for credit processing services.
“When we decided to bring our credit card business in-house, our team looked at a number of vendors, and PSCU quickly rose to the top of the pack,” said John Bissell, President and CEO of Greylock Federal Credit Union. “We love its cooperative structure, its focus on our members, and its strength and reputation in the market. We were also impressed with its innovative technologies — PSCU is very forward thinking.”
PSCU, headquartered in St. Petersburg, Fla., is the nation’s leading credit union service organization (CUSO). Founded in 1977 as a credit union cooperative, PSCU offers a comprehensive, highly integrated suite of payment solutions for credit unions to optimize their member experience. Today, PSCU supports the success of nearly 900 Owner credit unions representing 20.4 million accounts. Leveraging digital technology, PSCU provides secure, best-in-class solutions including payment processing, risk management, analytics, loyalty programs, marketing, strategic consulting and mobile platforms. Comprehensive, 24/7/365 member support is delivered by contact centers located throughout the United States. For more information, visit pscu.com.