What is Credit Union Lending Exchange and Why is it Huge?

Posted On: July 22, 2016
Category: July 2016
cule Edge Consultancy, our partner in research & development on CU collaboration, was kind enough to share their slide deck with us on Credit Union Lending Exchange (CULE). Have you heard of CULE yet? CULE, a CUSO, is a digital lending platform designed specifically for credit unions by experienced CU & Online Lending industry leaders. They provide a fast and efficient entry point for CUs to "digitize" the lending experience. The automated distribution channel provides for a variety of benefits to both member and credit union. The organic shift in "compiled & curated" digital consumer experiences, such as Prosper, Amazon, Travelocity and the like, has completely changed our lending industry. Members want their loan processes digitized and curated. This is where CULE comes in. And as a CUSO - they have your best interest in mind. But I am no expert - check out the slide deck to learn more about this fascinating endeavor in the credit union industry. Contact us here at CU Service Network if you would like the slide deck at info@cusn.com  ]]>
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CUNA Urges CUs to Take Part in Blockchain

Posted On: July 22, 2016
Category: July 2016
BLOCKCHAIN Have you noticed that we have been talking a lot about Blockchain the past few months? There is good reason. It seems to be on everyone's radar lately. Check out these two recent articles on Blockchain, one "urging CUs, in large numbers, to take part in the Blockchain project." You don't often hear such strong language from CUNA - read the full article here. The second article we came across discusses how Blockchain can help credit unions' accounting departments. Take a look here.  ]]>
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Learn more about CUProdigy IT Services

Posted On: July 25, 2016
Category: July 2016

CUPRODIGY Are you interested in discovering a better system for securing the critical data on your servers?Our partner (and CUSO) CUProdigy has built a world-class security and disaster recovery solution and created a webinar series to explain how it's designed to improve service to your members. The first webinar is "Fast, Affordable Cloud-Based Disaster Recovery for Credit Unions." and will be taking place on: August 9th @ 1:00 PM MT September 13th @ 1:00 PM MT Register for this event here: sign me up botton The second webinar is "Is Your Credit Union Making These Cloud Mistakes?", and will be taking place on: August 18th @ at 1:00 PM MT September 15th @ at 1:00 PM MT Register for the event here: sign me up botton  

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Let's Meet Our Board of Managers

Posted On: July 25, 2016
Category: July 2016

board We wanted to share with you the election results for our Board of Managers vote taken at our Annual Meeting...but then we realized that we should go ahead and introduce you to our whole Board of Managers, because we haven't done it in a long time. We talk a lot about our staff here at CU Service Network, but we rarely mention the wonderful board we have behind us. Let's take a look at who comprises our diverse Board: CARLA W LOGO Chairman: Carla Hedrick President/CEO of Denver Community CU in Denver, CO (Reelected at our 2016 Annual Meeting) Carla has been serving on our Board for over a decade. She has been with us through many changes and continues to support our progressive vision.   MIKE_LOGO Vice Chair: Mike Williams President/CEO of Colorado CU in Denver, CO Mike has been on our Board since 2013, and was elected to Vice Chair last year.   MARK_LOGO Secretary/Treasurer: Mark Uden President/CEO of Mutual 1st CU in Omaha, NE Mark has been on our Board since 2008. We are proud to have him represent Nebraska.   KEITH_LOGO Keith Cowling President/CEO of CU of Denver in Denver, CO Keith has been serving our Board for the second-longest period of time, since 2005.   TERRY_LOGO Terry Laudick President/CEO of Nusenda FCU in Albuquerque, NM Terry joined our Board in 2015. We are excited about the New Mexico representation Terry brings to the table.     SCOTT_LOGO Scott McNeil President/CEO of Foothills CU in Lakewood, CO Scott joined our board in 2014. He was reelected at our 2016 Annual Meeting.   STEPHANIE+LOGO Stephanie Teubner President/CEO of Blue FCU in Cheyenne, WY Stephanie has been with us since 2008. She represents our northern neighbor, Wyoming.   TODD_LOGO Todd Marksberry President/CEO of Public Service CU in Denver, CO Todd is the newest member of our Board. He joined us in December 2015 when former Board Member Dave Maus retired from Public Service CU.

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Is Your Accounting Department Not Efficient?

Posted On: July 25, 2016
Category: July 2016

header_LANDING PAGE Fresh off the press is our list: "Top 5 Signs Your Accounting Department is Not Efficient." We asked our CFO Debra Templin to compile a short and sweet list about what she sees out there in the credit union accounting field as common red flags. With over 30 years experience, she has seen it all. This article is a short intro to our 10 week accounting efficiency series. This is a simple, high-level infographic on some red flags your should be looking for in your accounting department. Stay tuned for more and let us know if this is valuable to you.   >>Click below to check out the article and see if you have any of the 5 signs check it out >>Interested to see how your credit union's accounting department compares to your peers? Take our accounting assessment by clicking below assessment

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Message From The President

Posted On: July 25, 2016
Category: July 2016
MESSAGE By Doug Burke, President/CEO of CU Service Network A recently released study by KPMG of US CEOs says the next 3 years are more critical than the last 50. It goes on to say To drive shareholder value in the next three years, 65% of the CEOs said they will be pursuing a collaborative growth strategy that includes external partnerships and alliances? At CU Service Network, we believe KPMG's study is accurate and we have already subscribed to a philosophy built on collaboration and alliances. It goes back to our roots in developing shared branching, but continues today with growing products like our accounting services or the recently announced Cloud Services partnership with CUProdigy. So what is CU Service Network doing today? We are continuing with our innovation program to seek out new products and services for our credit unions. How are we doing this? First we asked your opinion. We developed a survey on a variety of subjects and asked what your pain points are in doing business. You responded with the following areas as some of your biggest pain points:
  • Regulatory Compliance
  • Human Resources
  • Lending
  • Call Centers
Next our consultants from the Edge Consultancy contacted a number of you to gain a deeper insight into your challenges. We then developed a Design Event to bring a dozen CEOs together to discuss and review possible scenarios and solutions. From the Design Event three topics emerged to analyze further:
  • Regulatory Compliance filling the gap between the valuable information provided by credit union associations/leagues and 3rd party providers such as Affirmx
  • Human Resources trying to gain economies of scale and benefits management
  • Lending reviewing options to compete with new on-line lenders such as Lending Club and Prosper
Next Steps? Digging deeper, looking into possible solutions. We have focused on alliances and partnerships as potential solutions to bring value added services to market more quickly. Regulatory Compliance  we are having discussions with Mountain West Credit Union Association and another compliance CUSO to determine the best alternatives to help credit unions. The possible three way partnership should allow us to deliver a cost effective collaborative alternative for credit unions. Today we are working on the product design and should start due diligence on the CUSO in the coming weeks. Human Resources we are having discussions with a local PEO to deliver a cost effective collaborative alternative for credit unions. The unique aspect of this possible relationship is CU Service Network would be an owner of the PEO. The elements of product design and a business plan are being developed at this time. Lending  we have identified a new CUSO that is planning on entering the peer 2 peer lending space in the 3rd quarter. We are monitoring the development of the CUSO and evaluating the product to see how it may assist our credit unions in meeting their members ever growing needs. Hopefully you can see the time and energy investment being made in your behalf. We are extremely pleased with the progress to date and look forward to updating you in the near term and hope to introduce you to new products and services to meet the ever changing financial services landscape.   Article reference - Isaac M.Bannon, Managing Editor on July 6, 2016 
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