During a presentation at its annual CFO Focus Group meeting on April 11th, CU*Answers, the Grand Rapids, Michigan-based cooperative CUSO, celebrated the positive impact of a pricing rollback for its customers and owners at the beginning of 2019. The presentation, which was co-facilitated by CEO Randy Karnes and CFO Bob Frizzle, highlighted the fact that the CUSO had reduced the cost of its CU*BASE core data processing suite for over half of its credit unions clients at the beginning of the year.
Scott Collins, EVP of National Sales and Marketplace Relationships for the CUSO noted: “It was great that Randy and Bob reminded the clients in attendance that we reduced the core DP costs for 93 credit unions at the beginning of the year as an investment in their business plan. It was the second time in the past decade that we were able to do a pricing rollback, and it set the tone for an exciting brainstorming session with CFOs from across the country of varying membership sizes.”
Collins continued by noting that CU*Answers believes that it is a fundamental tenet in their cooperative business model to charge only when they have to, not just because they can. “The price rollback, along with several other pricing strategies we shared with the Focus Group, is just one of the ways we hold ourselves accountable to the mantra of walking that talk.”
At the event, CU*Answers also released its most recent five-year historical pricing perspective, which analyzed pricing trends at the CUSO from 2015 to 2019. “This document, like the volumes that preceded it, is meant to be a full-disclosure report card to keep us focused and accountable to our disruptive pricing philosophy,” said Karnes. For more information on the CFO Strategies event, visit the CU*Answers website.
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.