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CO-OP’s “Springboard” Business Intelligence Application Enhanced for its Tenth Birthday

New Features Lead to Greater Security and Faster, More Complete Insights

Springboard, CO-OP Financial Services’ proprietary credit card servicing application enabling credit union staff access to member card data in real time, is realizing new potential in its latest edition, rolling out to credit unions this month.

“Our approach to technology is always iterative and user-focused,” said Shazia Manus, Chief Product and Strategy Officer for CO-OP. “Springboard is an excellent illustration of this approach given the product team’s continuous improvement of the platform. Importantly, innovation isn’t deployed simply for innovation’s sake. Every new feature is built into Springboard to solve a specific member problem or improve a specific member experience.”

According to Manus, Springboard is the only application of its kind available to credit unions. Distinct features designed specifically for both frontline and operations staff differentiate it from similar products on the market. “The functionality is truly expansive, and growing with each new iteration,” she said. “Every card operation, from call center to portfolio management, can be managed through a single interface seamlessly.”

 14th Edition Springboard Enhancements

First introduced in 2007, the newest version of Springboard is the 14th Edition, offering several new security-focused features. The addition of a security token ensures a higher level of protection for credit unions and their members. An invalid address indicator will help frontline and operations staff more quickly identify calls from fraudsters. And, a new Executive Fraud Report, available to select Springboard users, will provide a monthly snapshot of key fraud metrics specific to the credit union.

Other features will streamline access to data intelligence for both credit union staff and members. Multiple accounts will be accessible from one screen, creating a unified experience for users. In addition, a new CO-OP Shared Branch Management Report, available to select Springboard users, will produce better insights to help credit unions participating in the nation’s second largest branch network make more informed decisions. It will communicate how members are using shared branching services, reporting on things like top branch locations, top transactions initiated and average dollar amounts.  

Ten Years of Springboard

“In 2007, many credit union call centers were still using legacy 3270 green screens to support cardholders,” said Manus. “Credit unions were not alone. Despite exponential advancement in computer displays, networks connectivity and processing power, the 1970s green-screen continued to hang on as a dominant protocol in many software programs. Beyond a bad user experience, such a system limited credit union access to information that members expected them to have at their fingertips. 

“Credit unions had a hard time living up to their member-first promises because the technology tied their hands,” said Manus. “Without fast, clear access to member information, they couldn’t provide the knowledgeable, personalized service members were beginning to demand. Disparate systems made it difficult to have a complete view of the member’s relationship. Simple questions took too long to answer. Training for new employees was onerous and time-intensive.”

 Springboard became the answer to this problem. Initially, the application was created to make the most common tasks much simpler and more unified. The application was developed by card processor TMG, which was acquired by CO-OP Financial Services in April 2017. “Our developers started out with a small subset of functionality,” said Manus. “Over the years, we have continued to incrementally add new features and functionality by co-creating with our credit union partners.” 

Springboard began as a user interface to help credit unions better access data and business intelligence from big box, third-party platform processing systems, like those managed by First Data, a long-time CO-OP Financial Services partner. Subsequent iterations, which included role-based permissions, allowed credit unions to define which employees would have access to which accounts and which data sets. 

Among the more significant milestones Springboard achieved was integration with a formerly disparate reporting application known as The Vault. This enhancement brought both standard and dynamic reports into the Springboard system.

“To enable the Vault integration, Springboard was essentially re-architected, which opened the door to bringing in even more functionality,” said Manus. “This included enhancements that allowed Springboard to recognize accounts from other third-party providers, which gave call center reps even more information to help the member.”

For more information, visit www.co-opfs.org.

About CO-OP Financial Services CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.co-opfs.org.

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Better, Faster, Cheaper. How One CU Got All Three With a Core Conversion

NACUSO is on a mission to tell stories of collaboration, innovation and cooperation that not only strengthen the credit union movement but also are in the best interests of our members. We believe that we’re better together. We also know that the CUSO model has mitigated the need for many credit unions to merge by obtaining economies of scale and driving efficiencies. CUProdigy is a great example of helping credit unions with a quality cloud based core that is affordable. We heard about the tremendous cost savings and reached out to a recent convert, Roy MacKinnon, CEO of Edwards FCU.

Roy, first, tell me a little about your credit union.

Edwards FCU was founded in 1962 on Edwards AFB in California and was originally chartered to serve personnel on the base. Edwards FCU received a community charter shortly after 2000 as many military base credit unions did.  Today, we serve all of the Antelope Valley, which is nicknamed Aerospace Valley because, in addition to the Air Force base, other major manufacturers are here like Lockheed, Northup Grumman and The Spaceship Company. We are proud to say that Edwards is the only locally born and raised credit union that’s still headquartered in the Antelope Valley.

How did you come to work at Edwards FCU?

I became the CEO of Edwards in May of 2016. Previously, I was with First Entertainment Credit Union for 25 years. This was my first CEO gig and I knew what I was walking into. I was handed a financial statement showing a $120K loss and 7.2% capital the first month. I immediately initiated a freeze on just about everything. By mid-year we were running at an annual loss of about $200K. By year-end, with a significant expense reduction and with the financial benefits of a PSCU conversion, we reduced our year-end loss to just $5,900.

I felt a missed opportunity existed, one that many credit unions encounter when they convert to a community charter – founding segments are ignored. In this case, it was the air base. I told the board that if they hired me, we would go back to our core, get our house in order, and then when we’re a little healthier we’ll go back to the community in a very disciplined way.

Continue reading Better, Faster, Cheaper. How One CU Got All Three With a Core Conversion

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CU*NorthWest to exhibit at the 2017 MAXX Conference

LIBERTY LAKE, WA – October 13, 2017

CU*NorthWest, the 100% credit union-owned cooperative CUSO, announced today that they will be attending the Washington, Oregon and Idaho Credit Union Leagues’ 2017 MAXX Conference in Spokane, Washington, as an exhibitor.

This is the first time all three states have combined their annual meeting. Elizabeth Evans, business development, will be in booth #30 representing CU*NorthWest. The tradeshow, which will be attended by more than 400 credit union professionals, will provide an opportunity for twelve-year-old CU*NorthWest to talk about the CUSO and the cooperative network behind the CU*BASE® software platform. Roughly a third of CU*NorthWest’s existing clients come from Washington/Oregon, and of which many will also be attending the two-day event.

Greg Smith, CEO of CU*NorthWest stated: “It’s fantastic to have three states coming together in one location. It’s a tremendous opportunity for everyone to be able to learn, network and collaborate. The financial industry has many new and evolving challenges and it’s important for credit unions to know what resources are available to help them navigate their way.”

About CU*NorthWest, Inc.

CU*NorthWest was founded in 2005 as a part of the cuasterisk.com network of credit unions and CUSOs. It is a 100% credit union-owned cooperative CUSO located in Liberty Lake, Washington. CU*NorthWest offers 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 site development, network design and security, project implementation and execution services, and a complete eDocument solution. CU*NorthWest provides expertise in implementing technical solutions to operational needs, and helps credit unions form strategic alliances and partnerships. For more information, visit www.cunorthwest.com.

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Western Healthcare Employees FCU signs with CU*NorthWest

LIBERTY LAKE, WA – October 13, 2017

CU*NorthWest, the 100% credit union-owned cooperative CUSO, announced today that Western Healthcare Federal Credit Union in Concord, California, has signed a core data processing contract with CU*NorthWest, and is scheduled for conversion in April 2018. $41.5M Western Healthcare FCU was chartered in 1953 and currently represents approximately 3,500 members. CU*NorthWest is extremely pleased to be adding an additional California client.

Diana Michaels, CEO of WHFCU, said: “We needed a system that allowed integration with online banking, mobile banking, remote deposit capture, debit card processing and more. This solution also needed to provide new membership and loan application/signing/funding capabilities. CU*NorthWest was able to provide it all. The CU*NorthWest team has been fabulous to work with and we’re excited to start on this partnership journey.”

About CU*NorthWest, Inc.

CU*NorthWest was founded in 2005 as a part of the cuasterisk.com network of credit unions and CUSOs. It is a 100% credit union-owned cooperative CUSO located in Liberty Lake, Washington. CU*NorthWest offers 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 site development, network design and security, project implementation and execution services, and a complete eDocument solution. CU*NorthWest provides expertise in implementing technical solutions to operational needs, and helps credit unions form strategic alliances and partnerships. For more information, visit www.cunorthwest.com.

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Defining Credit Unions in the Upcoming Income Tax Debate, by Guy Messick

It looks like Congress will put the Tax Code in play and while it is unlikely the credit union income tax exemption is at risk, credit unions cannot take this for granted.   We must be careful not to let banks define credit unions when they lobby Congress. 

Credit unions are voluntary associations of people who organize a cooperative association called a credit union to pool their money to make loans to each other and the interest from the loans pays the depositors a modest return.  The credit unions, as non-profit cooperative associations, are governed by directors elected by the members and the directors hire professionals to manage the credit unions in the deposit taking and loan making functions.  There are no shareholders seeking a profit or management holding equity.  In a credit union there is no us or them, it is only us, people helping people.   Credit union members pay income taxes on the interest paid to them by the credit union.  To impose an income tax on the members through their cooperative association is double taxation on the members (called voters by politicians).

Credit unions are not separate from the members.  Credit unions are the members and the members are the credit union.   Credit unions are just the means for the members to organize and operate as a cooperative association.   This is the true difference between banks and credit unions and why they should be treated differently on income tax.   Taxing the members once on the individual tax returns for interest earned is fair.   Taxing the members once on the individual tax returns and once again through their cooperative non-profit association called a credit union is not fair.

Be a broken record on this point and the message will get through.

About the Author: 
Guy A, Messick, The CUSO Guru, is an attorney with Messick, Lauer & Smit, PC in Media, Pennsylvania and General Counsel to
NACUSO.

He can be reached at 610-891-9000 or guy.messick@gmail.com