Tag: credit union

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CU RateReset Wins 2018 NACUSO Next Big Idea Contest for the Second Time

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.

Keith Kelly, CEO of CU RateReset celebrates his second win with Moderator and CUSO Guru Guy Messick and Jack Antonini

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.

“This year we tied the record for the most applications for the competition with 14,” said Jack Antonini, President/CEO of NACUSO. “Every year we see this contest getting more and more competitive. Our event has become the place ‘where deals get done’ as evidenced by last year’s winner Kris Kovacs of Constellation.mi”

“There is no doubt that winning the NACUSO Next Big Idea Competition was the best way to launch the Constellation Digital Platform and our new CUSO. Following the win we raised $29M and signed up nine credit unions representing $20B in assets,” said Kovacs, who was a guest judge in this year’s competition along with Bill Beardsley, President of Michigan Business Connection, Herb Wegner Award winner Sarah Canepa Bang and author of CU 2.0 and President and CEO of Ongoing Operations Kirk Drake.

Each contestant gets exactly 7 minutes to present their big idea. CUSO Guru Guy Messick is the moderator for the event. After their presentation the judges ask the tough questions for another 10-15 minutes. At the end of the 5 presentations the audience ultimately decides the winner using a mobile app to cast their votes. The other 4 contestants this year were:

“We want to thank all of the applicants this year. It was by far the hardest competition to date,” said Antonini. The other 9 applicants were:

Thank you to our judges, the contestants, the attendees and of course Mastercard and CU Journal for making this the best competition in the credit union world.

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NACUSO Recognizes Excellence in Collaboration at 2018 Network Conference

The National Association of Credit Union Services Organizations (NACUSO), the only trade association focused on growing and protecting the CUSO movement recognized four outstanding CUSOs and one innovative and collaborative credit union at the 2018 NACUSO Network Conference at the Disneyland Hotel.

The Servion Group (L to R) S. Brad Crandall, Kari Lauber, Greg Schatzke, Steve Albers, Melanie Meier, LeAnn Case and Jack Antonini

NACUSO understands the importance that collaboration and innovation play in building a strong and vibrant credit union industry. The CUSO of the Year award has been in place since 1998 and has recognized such legendary CUSOs as the CO-OP Shared Branch network, CU Direct, CU*Answers, CUSO Financial Services and PSCU. Last year’s recipient was CU*NorthWest. This year’s winner is The Servion Group. The Servion Group was founded in 1987 as CU Mortgage Services, Inc., by three Minnesota credit unions – Twin City Co-ops Federal Credit Union (SPIRE Credit Union), City-County Federal Credit Union (purchased by WINGS Financial Credit Union), and NWA FCU (WINGS Financial Credit Union) – looking to offer competitive mortgage solutions to their members. Their solutions now span mortgage, title, realty, financial advisory and commercial lending resources.

“We had so many great nominees for awards this year that we added a runner-up to the CUSO of the Year category,” said Jack Antonini, President/CEO of NACUSO. The runner up for CUSO of the Year is CUProdigy. Anthony Montgomery, CEO, summed up CUProdigy this way, “As a proud member of NACUSO, we take our commitment to delivering value to credit unions very seriously. Whether it’s our modern, cloud based core or our core agnostic cloud infrastructure services, we’re focused on not only delivering technologically superior solutions, but highly cost effective solutions. Many vendors claim it, but we really are a true technology partner to our credit unions.”

Jack Antonini with CUProdigy CEO Anthony Montgomery

“The criteria for both awards were selected to recognize those organizations that are making a significant difference and contribution to our industry,” explains Antonini. “In 2016 we added a third category for CUSOs that are fairly new in operations, The New CUSO of the Year Award, recognizing CUSOs that have started in the past 5 years. We know that it takes time to grow the business so our goal is to showcase those efforts that we believe have real staying power and are already making an impact.” Last year’s winner was CU Revest.

This year’s winner is OnApproach. The predecessor was actually founded in 2003 as a consultancy specializing in data warehousing, data integration, analytics and reporting. They completed big projects with clients such as Toro and Land o’ Lakes. But in 2009 they completed a major reporting and analytics project within the credit union industry The insights gained from this project and subsequent projects in the CU space led them to envision a data integration, analytics, and reporting product tailored to the US credit union market. So in 2014, Denali Alaskan FCU and Ideal Credit Union became the initial investors in, and helped form the OnApproach CUSO.

OnApproach, Austin Wentzlaff, Jack Antonini, Mark Portz and CEO, Paul Ablack

“We also selected a runner-up for New CUSO of the year because CU Certified Auto is the first program to offer a best in class vehicle service contract for credit union members while giving back 100% of the underwriting profit to the participating credit union,” Antonini explained. “We just had to acknowledge these unique CUSO models that are really committed to helping our members by helping our credit unions.”

CU Certified Dan Daggett, Jack Antonini, Melanie Mun sey and President and Founder, Mark Giguere

The Credit Union Collaboration and Innovation Award was added in 2012 to expand the program to recognize a credit union demonstrating the successful use of a CUSO model to serve their membership’s financial needs. Criteria include showing how the business strategy for the credit union leverages a CUSO to create value for the credit union and its members. Past winners include Bethpage, America First, Workers’ and Bellco Credit Unions and Allegacy FCU. Last year’s winners were ORNL FCU and Y-12 FCU. This year’s winner is Maps Credit Union.

Maps Credit Union (L to R) Amy Beattie, Jack Antonini, CEO Mark Zook, Christopher Federici, David Deckelmann, Tom Marks

Maps Credit Union’s interest in CUSOs started in the late 90’s when NCUA didn’t like some of the Credit Union’s investments and they forced them to divest $30 million of them.  This was a huge blow and depleted Maps to about a 5% capital ratio.  The action of shrinking hampered their ability to grow net income organically – hence the need for CUSOs.  Mark Zook met Guy Messick at a CUES conference and was introduced to NACUSO and the rest is history!

Maps CU has since built some very innovative CUSOs. Their current wholly or majority owned CUSOs that collectively serve 200 CUs across the US:

  • CU Wireless – provides credit unions with remote deposit capture and member survey programs
  • Advanced Reporting – national provider of pre-employment screening, tenant screening and student screening
  • Maps Insurance Services – regional property casualty agency
  • CU Benefits – national medical benefits agency exclusively serving credit unions

Congratulations to all the winners.

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Judy, George, Jane, Elroy, Astro and Rosie

Do those names ring a bell? If you were born in the 50’s or 60’s chances are you tuned into see the Jetsons. It debuted September 23, 1962 in prime time and was the first program broadcast in color on ABC.

The Jetsons lived in Orbit City where cars flew, homes were raised high above the ground on columns and daily life was leisurely, assisted by numerous labor-saving devices. It was cancelled after 2 seasons but went on to be part of the Saturday morning cartoon line-up as reruns where many of us laughed at the impossible world where a car would fly.

Fast forward to today. We have driverless cars being tested. 80% of homes with internet also have Smartphones where you can check into a hotel, deposit a check to your credit union, order a rideshare (Uber) pay for your coffee, you name it. My toothbrush coaches me to brush for two minutes, my FitBit tells me when I should wind down and get ready for bed. And the “internet of things” is only just beginning.

We are very fortunate to have an Exclusive Premier Card Partner in Mastercard who understands the future is in constant innovation, blending security with leisurely convenience. Last year at the GAC they debuted their futuristic world in a trailer that was the setting for the “future home” and the ease at which you can live with Mastercard by your side.  It included Groceries by Mastercard, a new app which enables consumers to order groceries directly from Samsung’s new Family Hub refrigerator. Judy Jetson could push a button on her fridge and order a pizza, fried chicken, prime rib, whatever for her family. It’s basically the same thing.

Mastercard has an exclusive relationship with Garmin devices that provide contactless payment.  Garmin Pay is now live with several banks and credit unions around the world.

What are behavioral biometrics?  Sounds very space age.  Mastercard has a solution that can detect signs of malware, fraud, and scams being initiated by humans or machines.  Account takeover fraud is a growing problem and Mastercard has the solutions to help combat it.

60% of the population does not know where their card credentials are stored.  I know I have Amazon tied to my debit card, and I think Netflix and Hulu are tied to my other credit card, the payments come out of somewhere, right?  Mastercard Consumer Control can help members view/manage where their cards reside with merchants. Makes my life easier and gives me peace of mind, and let’s face it, keeps me organized.

Mastercard was originally known as Interbank/Master Charge, and was created by several California banks as a competitor to the BankAmericard issued by Bank of America, which later became VISA. From 1966 to 1979 (just a few years after the Jetsons aired) Mastercard was called “Master Charge.”  Today Mastercard is a technology company in the global payments industry and they operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, and businesses in more than 210 countries.

Mastercard will bring their Innovation Pods to the 2018 NACUSO Network Lounge so you can experience the future of payments, security, and Jetson-like convenience.

Stop by the NACUSO Networking Lounge in Disneyland and see first-hand the Wearables, Fraud Solutions, Optimization Solutions and Consumer Card Controls in the Mastercard Innovation Pods.

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Things You Can Still Get for a Dollar

A dollar went a whole lot further back in the day. In fact, more than 100 years ago four cents bought what a dollar buys today. Back then a loaf of bread was a nickel and steak was $0.25 a pound.

But don’t give up on George, real value still exists for a dollar.

Here are a few things that cost a buck:

  • Your favorite song on iTunes is still $.99 but you may have to splurge $1.29 for the latest releases.
  • A Krispy Kreme glazed donut is only $.67 when purchased in a dozen. Who doesn’t enjoy a fresh Krispy Kreme?
  • The Dollar Menu at McDonalds, Burger King, or Taco Bell.
  • Beer – specifically PBR (Pabst Blue Ribbon). You can still find this hipster delight for under a buck per can.
  • Dollar Shave Club – Your first month is free plus each blade after that costs just a dollar. And their ads are amazing. 
  • 10 meals for hungry kids – At No Kid Hungry your dollar donation to this worthy cause ensures 10 healthy, hearty meals for a child in need. Of course you should probably donate more.
  • A $1 a day donation at Generosity.org or Pure Water for the World brings safe water to two people each month.
  • And, a cloud-based core solution for your credit union. 

Yes, it’s true. CUProdigy, a CUSO staffed by passionate credit union professionals, has leveraged web-browsers and cloud technology to deliver a very modern core data processing solution. Their mantra is to have credit unions “Join the $1 Core Revolution!” and get away from the legacy core software business models.

Here’s CUProdigy’s very simple pricing model: $1 per member per month.  

The $1 includes ALL of their core software, including all future enhancements. CUProdigy doesn’t use a traditional software-licensing model and refuses to do module based pricing. And, if you want a brand new interface or a third-party integration, it’s included too. They won’t charge for their development portion. Likewise, if you want an existing interface or integration they already built, it’s included too. They don’t “resell” something to one credit union that they already created for another credit union. Their whole concept is to create an open ecosystem for technology and a collaborative ecosystem with vendors.

We are honored to have CUProdigy as a Platinum partner and excited to include them in our Network Lounge at the 2018 NACUSO Network Conference in Anaheim next month. 

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NACUSO Spotlight on Phil Magnuson, CEO of HomeCU

When we get a new NACUSO member we always do a little research on them to see how we might be able to help promote them, connect them or welcome them in some unique way. When I looked at the HomeCU website I got a little misty-eyed after I clicked on the HomeCU Team page. The heading said “Meet the people who matter in our company.” And rather than having the hierarchy of the org. chart, all employees were listed in alphabetical order, including the CEO. We reached out to Phil to see if he would share his story. Enjoy, and welcome to the NACUSO family HomeCU Team!

The HomeCU Team on “Bad Tie Day” Phil Magnuson, CEO is the 4th person from the right.

What’s your current position and can you give me a brief overview of what it is you do in your work?

My name is Phil Magnuson.  I am the CEO of HomeCU.  I get to do everything!  Some days it is Sales, some days SW Development, some days Support, some days taking out the trash.

What would you say most motivates you to do what you do? What are you most excited or passionate about? 

The most motivating part of being at HomeCU is the thought that we are really helping our customer credit unions and their members.  Being a CUSO is very important to us, as we truly see ourselves as a Service Organization.

I want to hear the story of how you came to work with credit unions. What attracted you to work for HomeCU?

Coming to HomeCU was a great opportunity for me personally.  It seems like every position I had prior to HomeCU was training for leading this team.

Now if we can go even further back, where did you grow up and what was it like living there? Where did you go to school?

I grew up in Knoxville TN, in the community of Bearden.  In my younger days it was a rural setting, but I had my own baseball field in the back yard (not really just mine, we lived next to the Little League field).  Now Holston Methodist FCU is literally built on my old street – almost on top of where the house was.

Who were your mentors along the way? People who deeply influenced who you are, what you believe in and what you’re committed to in your work and life? Tell me about them.

One of my best mentors was my last manager at Hewlett Packard.  He taught me that 1) there are always options 2) sometimes people listen more when you speak more softly.

Finally, can you share something interesting about you that would surprise our readers? It can be anything, a hobby, an adventure, sports, the most embarrassing thing that’s ever happened to you,   

I’m an avid soccer fan and have been a soccer referee for many years.

PART TWO: The Business Story

Tell me the story of how your CUSO/Company was created – the early days. Tell me about some of the memorable characters in the history, some that brought your story color, drama, comedy, conflict?

HomeCU was originally Database Management Systems – DMS.  DMS efforts with credit unions were started by Joe Pearson and Jan Brinkerhoff, who many people know.   Both Joe and Jan are long-time advocates of credit unions and dedicated to seeing them succeed.  When they made the decision to retire, it was important to them that DMS/HomeCU continue as a CUSO.

What were the key relationships that mattered most? What were the key sources of support or resistance you encountered?

Our key relationships have always been with our client credit unions.  Many have been with HomeCU now for decades.  We like the “home” part of our name and consider our credit unions part of the family.

What have been the greatest successes in your opinion?

The greatest success has been helping credit unions with affordable technology.  We believe we are one of the most cost-effective vendors for our clients.  It is a testimony that so many have been with us so long.  We are known for taking care of our clients (family) no matter what the concern and treating them as valued partners.

PART THREE: Reflections and Lessons

If you could start your CUSO/Company all over again, would you do anything differently? Why and what would you do?

There is always room to do more and move faster.  I think perhaps we could have done more to expand more quickly and bring more services to the credit unions.

Finally, when you think of the future for credit unions, what gives you hope and what makes you concerned?

My biggest concern is that credit unions are not moving forward with mobile-ready solutions that play to the younger members.

The hope is that it is clear the credit unions are far superior in personal service and pricing to their members, compared to large financial institutions.