Why Are Members Leaving Your Credit Union?

Posted On: January 04, 2016
December 2015
leaving The credit union industry spends a lot of time talking about growing membership, but what about member retention? Take a look at this infographic for the top 5 reasons why members leave your credit union, sourced from Mark Arnold's blog (used with permission from author).   leaving your CU   Why do you think members leave a credit union? share]]>
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Mystery Shops Ramp Up for EOY

Posted On: January 04, 2016
December 2015
mystery shop By Trisha Wiggin-Fausnaugh, Project Manager The fourth quarter was a busy one for Mystery Shops with 87 completed shops. Of those 72 earned perfect scores. The average score was 95.65. There were a few shops that had to be disputed this time. Please be aware that if an error is made, you may dispute the results. The most common error is in scoring. For example, the shopper may note that they showed the teller their drivers’ license and wrote the last four digits of their social security number on a transaction slip, but then the shopper mistakenly does not give credit for properly identifying the member. To dispute a shop, click on the link in the email to view the shop: http://creditunions.clients.dsgai.com Open the shop you want to dispute and complete the form. If you need assistance, please feel free to contact me at twiggin-fausnaugh@cusn.com or 720-945-7240. Congratulations to the following credit unions and their branches for earning 100% on their recent shops:
Affinity CU of IA 475 NW Hoffman Ln Des Moines IA
American Airlines FCU 10701 Lambert Intl Blvd St Louis MO
Arapahoe CU 303 E Hampden Ave Englewood CO
Aurora Schools FCU 751 Chambers Rd Aurora CO
Aurora Schools FCU 18856 E Hampden Ave Aurora CO
Bellco CU 1075 S Havana St Aurora CO
Bellco CU 14302 E Cedar Ave Unit D Aurora CO
Bellco CU 244 Milwaukee St Denver CO
Capital Educators FCU 275 S Stratford Dr Meridian ID
Capital Educators FCU 80 E Riverside Dr Eagle ID
Cedar Falls Community CU 420 Viking Rd Cedar Falls IA
Cedar Falls Community CU 123 W 4th St Cedar Falls IA
Clarity CU 805 E Cleveland Blvd Caldwell ID
Clarity CU 1115 Albany Rm 132 Caldwell ID
Community Choice CU 2710 S Ankeny Blvd Ankeny IA
Community Choice CU 1351 NW 114th St Clive IA
Community Choice CU 6921 E 72nd Ave Commerce City CO
Connections CU 343 Caldwell Blvd Nampa ID
Connections CU 110 S Main St Firth ID
Cornerstone CU 416 S Kimball Caldwell ID
Dupaco Community CU 1334 Flammang Dr Waterloo IA
Dupaco Community CU 3301 Cedar Heights Cedar Falls IA
East Idaho CU 777 Shoup St Salmon ID
East Idaho CU 1307 A Hwy 93 S Challis ID
East Idaho CU 3255 E 17th St Ammon ID
East Idaho CU 302 W Grand Ave Arco ID
First Class CU 2051 Westown Pkwy W Des Moines IA
Fitzsimons CU 2201 N Fitzsimons Pkwy Aurora CO
Lewis Clark CU 1626 17th St Lewiston ID
Lewis Clark CU 1451 15th St Clarkston ID
Malheur FCU 250 10th St N Vale OR
Malheur FCU 216 S 16th St Payette ID
Malheur FCU 216 N Plymouth Ave New Plymouth ID
Midland CU 2891 106th St Urbandale IA
Mutual First FCU 8073 Blondo St Omaha NE
North Iowa Community CU 640 S Federal Ave Mason City IA
North Iowa Community CU 4063 4th St SW Mason City IA
Northwest Christian 716 E Colorado Ave Nampa ID
Omaha Police FCU 3003 S 82nd Ave Omaha NE
Partner Colorado CU 4000 Quebec St Denver CO
Partner Colorado CU 998 S Chambers Rd Aurora CO
Pioneer FCU 850 E Fairview Ave Meridian ID
Pioneer FCU 1580 E State St Ste 101 Eagle ID
Pioneer FCU 841 N Main St Hailey ID
Public Service CU 7502 W 80th Ave Arvada CO
Public Service CU 7055 E Evans Ave Denver CO
Public Service CU 815 Colorado Blvd Denver CO
Public Service CU 1113 S Abilene Ct, Unit 102 Aurora CO
Public Service CU 12501 E 17th Ave Unit A Aurora CO
Public Service CU 5944 S Kipling St Ste 100 Littleton CO
Rocky Mountain Law Enforcement 992 Potomac Cir Aurora CO
Security Service FCU 10490 S 1300 East Sandy UT
Security Service FCU 2072 South 2200 East Salt Lake City UT
Security Service FCU 124 N West State Rd American Fork UT
Security Service FCU 4910 Windsor Hill San Antonio TX
Security Service FCU 5750 W Loop 1604 N San Antonio TX
Security Service FCU 17300 IH-35 North Schertz TX
Security Service FCU 2150 S Peoria St Aurora CO
Security Service FCU 8300 Culebra 410 San Antonio TX
Security Service FCU 9253 N Loop 1604 W San Antonio TX
Security Service FCU 1227 E 100 South St George UT
Security Service FCU 1467 S Main St Salt Lake City UT
Security Service FCU 6301 NW Loop San Antonio TX
Security Service FCU 7382 Barlite Blvd San Antonio TX
Security Service FCU 602 NW Loop 410 Ste 114 San Antonio TX
Security Service FCU 1275 S Federal Blvd Denver CO
Security Service FCU 7323 Hwy 90W San Antonio TX
Southwest Colorado FCU 15 Bodo Dr Durango CO
Southwest FCU 111 S Miller Ave Farmington NM
Space Age FCU 2495 S Havana St Bldg F18 Aurora CO
Tradesmen Community CU 1400 2nd Ave Des Moines IA
United Service CU 909 9th St West Des Moines IA
UP Connection FCU 204 S 35th St Council Bluffs IA
UP Connection FCU 6707 Grover St Omaha NE
Westerra CU 1725 W Mississippi Ave Denver CO
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President's Message

Posted On: January 04, 2016
December 2015
Message from the President/CEO, Doug Burke By Doug Burke, President/CEO of CU Service Network It’s hard to believe we have turned the page on another year in which we saw more credit union regulation, a flat stock market, the Fed beginning to raise rates and the Broncos becoming the #1 seed (had to add something positive). I hope 2015 was prosperous for you and your credit union and the New Year is filled with family, friends, opportunities and success. A quick look back at in 2015 for CU Service Network and we see:
  • Accounting service is quickly taking off
  • Move to new corporate office
  • Addition of Debra Templin, new CFO
  • Launched the Credit Union Collaborative Community idea system
  • First SaveDaily agreement
  • First Insuritas agreement
  • First Platte River Networks agreement (IT Support Services)
  • Surpassed 130 shared branch credit unions, 525 locations and 3.5 million transactions
2015 had impressive financial and operational results, but the year is now officially behind us. Now our focus is on 2016. I think it’s important we share our mission and vision statements with you. Mission Statement CU Service Network delivers collaborative services that act as a catalyst for our clients’ success within the credit union industry. Vision Statement CU Service Network strives to be credit unions’ #1 resource for collaborative services. CU Service Network’s foundation was built on collaboration starting back in 1992. Today the philosophy continues as there is one word in both statements that will be part of CU Service Network’s DNA even more going forward and that word is COLLABORATION. The new idea platform, appropriately named Credit Union Collaborative Community, working with other CUSOs like CUProdigy and developing new collaborative services for credit unions and a special annual meeting guest speaker from another country on collaboration. We look forward to an exciting 2016 filled with opportunities, innovation and of course collaboration. And maybe if the stars line up…a Bronco Super Bowl.]]>
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CU Times on Shared Services and Collaboration

Posted On: January 04, 2016
December 2015
people We stumbled upon this amazing, in-depth article on CU Times last month. Author Kirk Kordeleski writes in detail about how crucial credit union collaboration and shared services are to survival. His thoughts align with our vision of collaboration, and our launch of CU Collaborative Community. You may have heard us mention the Community before - find sometime as the new year begins to check it out.   Kirk's article is long (1,000 words), let's highlight some key points worth noting. ********* ******** Collaboration is essential for future success: Our partnerships with the trades, leagues, CO-OP Financial Services, shared branches, PSCU and other CUSOs serve as a blueprint for the credit unions’ forward vision. Especially in the technology arena: We may have started as simple operations, but over time, we added a full suite of products through numerous delivery channels. As a result, our expenses are mounting. In order to win market share and return value to our members, we need to maintain our price advantage and continue to offer higher quality service. Unfortunately, both are expensive. Banks and web-based competition is fierce, and it will only get worse: Credit unions find themselves in a new world of extraordinary competition from banks and now web-based retail banking services. These competitors come to the game with scale, which allows them to spread their costs over more transactions and customers thus reducing the cost of each new account or service. In addition – through mergers or reinventing the service model (web versus branches) – our competition is actively increasing in efficiency and furthering their scale advantage. They will be even tougher competitors going forward. The bigger the  credit union, the better the efficiency: Within credit unions, the member value and growth derived from the institutions with the largest scale is also clear. Filene reported that at year-end 2014, credit unions with more than $2 billion in assets grew deposits and assets at a 50% higher rate than the industry as a whole, and those with more than $10 billion in assets grew at a 100% higher rate. This growth is attributed to lower operating expenses achieved through scale, which leads to better rates and improved services To remain competitive, there are three possible scenarios:  1.  Remain the same. The danger in the first option is that the definition of service is beginning to change as large banks and newer fintech companies are redefining service and embracing mobile and web-based technologies. 2. Merge. Merging is a difficult option. Without stock as a means to acquire credit unions, logical mergers to achieve scale rarely occur. 3. Collaborate. As we see it, collaboration is the best alternative to remain competitive. Often times, credit unions attempt to compete in the most inefficient means possible. For example, relatively small institutions might independently run back-room operations – think in-house systems, accounting, compliance, HR and administration. Does this add value? If so, how much? Every credit union should know the answers to these questions. In smaller credit unions, the issue is even more important because the operations required to support basic financial services have less scale and are more expensive. Think about the complexity of a basic checking account that now requires ACH, mobile, debit cards, check processing, ATM services, bill payment and fraud detection capabilities. Wouldn’t a shared technology and back-room operational model provide enormous savings and competitiveness? If you are not adding value or enhancing the member experience, why perform that function in-house? Credit unions and Leagues everywhere, regardless of size and scale, are beginning to collaborate: Leagues are also sharing back-room operations as evidenced by the recent announcement from the New York Credit Union Association and League of Southeastern Credit Unions, which are following a model we helped develop. There are also projects occurring in areas such as shared branches, mortgage operations and small credit union systems. Edited from the original article @ Shared Services: How to Compete and Win by Kirk Kordeleski, CEO of Kordeleski Consulting. He can be reached at 516-528-5057 or kirkkordeleski@me.com. ******** ******** Here is what CU Service Network is doing with shared services and and collaboration. Back Office Accounting shared services for credit unions IT Support shared services in partnership with Platte River Networks CU Collaborative Community  credit union-inclusive forum CUProdigy Core solution   What are you doing to collaborate with other credit unions? share  ]]>
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Save the Date - BIG Guest Speaker

Posted On: January 22, 2016
January 2016
CU Service Network Annual Meeting 2016 Don’t miss out on the CU Service Network Annual Meeting this year, set to be our biggest and boldest ever. We will be focusing on "shaking up the norm" and disruptive collaboration. It has just been confirmed that we will have a very distinguished guest speaker flying in from another country – more info to come soon! Save a spot on your calendars for Thursday afternoon, May 19th, 2016.  ]]>
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...Our New Website

Posted On: January 22, 2016
January 2016
cusn.com new website Notice anything different when you visit cusn.com? Our brand new website is up and live as of January 18, 2016! We opted for a clean, minimalist look without extra clutter. Never fear, we made no changes to the client portal. All of your documents and links are living happily in the same place they always were. We added a few special sections on the homepage where we can showcase videos and articles about upcoming events and announcements. We also stripped away much of the clutter that was on the old site. Do you like the look of our new site? Let us know by clicking here.]]>
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What's in a Name?

Posted On: January 22, 2016
January 2016
name We've noticed that many credit unions changed their names in 2015, and we've been wondering about it. It is an interesting trend, one that reflects the change in the credit union landscape on a larger scale. So why are credit unions changing their names? Let's focus on the former Kearney FCU in Kearney, Nebraska. They changed their name to Trius FCU a few months ago. Pretty different direction, huh? There was good reason - one that many credit unions are considering: broader appeal. Trius FCU Name Change Trius FCU President Dee Schriner said the new name “Trius,â€? will appeal to a broader audience and position the credit union for future growth. The name, while abstract creates a sense of familiarity without being specific. The “Triâ€? prefix creates a sense of qualities and places joined. The “usâ€? portion of the name also generates multiple connections, including country and each other. “We are proud of our rich tradition and history with the surrounding area,â€? Schriner said. “The new name will help convey that we serve more than select employee groups. We now are able to serve members in the five surrounding counties including, Buffalo, Dawson, Kearney, Phelps and Hall. The change is in name only. Member accounts and staffing will not change.â€? Kearney Federal Credit Union, was founded in 1967 and originally only served members who lived in Kearney, NE, a city about 3 hours west of Omaha. As the case with many credit unions, new employee groups were added along with three credit union mergers over time. Today their membership has expanded to nearly 10,000 members in a 3,500 square mile trade area consisting of five counties. It doesn't make sense to keep the name Kearney FCU any longer. What about the former New Mexico Educators FCU in Albuquerque, NM? They changed their name last year to Nusenda FCU for broader appeal and less confusion. Nusenda FCU Name Change An article from Albuquerque Business First: "According to both Terry Laudick, president and CEO at Nusenda, and Robin Brulé, vice president of community relations, the name change was the result of numerous factors, including confusion about the credit union's proper name, the growing myriad of demographics served by the institution and shifting business strategy. 'We really wanted to make sure our name spoke to the larger community and made sure that people knew that no matter where they were coming from, they could be a part of the credit union,' said Brulé. She said that the former name confused people because it suggested that only educators or those affiliated with federal organizations could join. Although the credit union was started by three Albuquerque Public Schools employees in 1936, the organization has gradually pivoted to accommodate the changing needs of its members — many of whom are not in the education field and come from a variety of economic backgrounds. Beyond better serving its members, the name change was also a business decision. 'Limiting the membership — we still did a phenomenal job with that. We had a great amount of success. It's just an opportunity for us to do more … We've diversified our eligibility, starting back in 1992. We had expanded beyond educators and we now have over 400 employers, organizations and associations that sponsor membership [in the credit union]. If you think of the Great Recession, if we had simply done educators who were then put under a wage freeze and job freeze, it could have been a tumultuous time for us,' said Laudick. He also said that diversification has helped the credit union remain involved in the community and continue lending to its members, regardless of their income brackets of its members. Some of Nusenda's community outreach involves providing financial literacy workshops to students, teachers and others in the New Mexico community through partnerships with Albuquerque Public Schools, University of New Mexico and Central New Mexico Community College." Both Nusenda and Trius have stripped away the location-specific, company-specific, archaic names of decades ago and opted for an abstract name. It is a transition from one end of the spectrum to the other. Here is another example: US New Mexico FCU, located in Albuquerque, NM, changed their name to U.S. Eagle Federal Credit Union last spring. Why? Getting back to their roots, as well as simplicity. Before the name change, the credit union's full abbreviation used to be USNMFCU. U.S. Eagle FCU name change Albuquerque Business First writes: "'For the past several years, our customers have referred to us as The Eagle. We've utilized the eagle throughout our marketing materials and it just seemed logical," said Marsha Majors, CEO of the credit union. "The name is much shorter, which was one of the primary reasons the members started using 'The Eagle.' There was a bit of confusion with some of the local names in the financial industry. It really clarified us from the other institutions out there and it really tied back to our logo … The eagle has been with us since our inception."' As I write this article, I received notice that yet another credit union is changing their name. First Class Credit Union in Des Moines, IA has changed their name to First Class Community Credit Union. A small change as compared to the others, but important none the less. Their focus is on growing membership. First Class Community CU Name Change Zac Pollock, Executive Vice President at First Class Community commented, "We changed our name from First Class Credit Union to First Class Community Credit Union as we have strategically decided to put more emphasis on growing membership through the community. We have had a community charter since 2003 but at the time we went community charter a lot of the focus was still heavily on our postal employee SEG. We recently had a study completed and one of the recommendations from that study was to update one of our branches, and specifically the signage for the branch, as it looked like it was still possibly a closed field of membership credit union for postal employees. As we got to thinking about it, we then decided to add “Communityâ€? to the name as well to hopefully make it more inviting to members of the surrounding communities." We will see what 2016 holds, but the name change trend appears to be going strong. As more and more credit unions merge, expand their charter, or simply want to appeal to a different demographic, the need for a name change will become pressing.  ]]>
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New Shared Branching Locations

Posted On: January 22, 2016
January 2016
map of USA Shared branching continues to grow. Look for these new branches if you are in the area. Three branches opened: UniWyo FCU UniWyo opened a new branch at 2020 Grand Avenue, Laramie, WY 82070. They now have three locations in Laramie.   Guadalupe CU Logo Guadalupe CU opened a new branch at 460 G North Riverside, Espanola, NM 87532.   Beehive FCU Logo Beehive FCU opened a branch with three NextGen ATMs at 250 S State St, Rigby, ID 83442     One branch closed: westerra CU Westerra CU closed their Athmar Park branch at 1725 W Mississippi Ave, Denver, CO 80223 Visit Westerra's other branch at 3700 E Alameda Ave, Denver, CO 80209, less than 4 miles away.  ]]>
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