CU*SOUTH, a credit union-owned service organization, announced that it’s CU*BASE® software platform has been selected by Old Ocean FCU of Old Ocean, Texas. Old Ocean FCU serves 4,000 members with over $28M in assets. CU*SOUTH represents the cuasterisk.com network in the South. The cuasterisk.com network serves 600 credit unions nationally, including over 200 credit unions using the Tier-1 CU*BASE core platform.
“A key component of our credit union’s strategic plan is to find better ways to connect with our members,” says Old Ocean’s CEO Terry Settle. “We found that the CU*BASE core platform not only offers operational efficiencies, but is specifically designed to help a credit union grow member relations. An added bonus is to utilize this data processing system through a bond with a strong CUSO, CU*SOUTH.”
“Old Ocean FCU challenged us to develop a solution to support their member service strategy,” says CU*SOUTH CEO Leo Vaulin. “The credit union understood the importance of frequent, personalized contacts with their members. We presented a multi-layered marketed strategy, using built-in tools such as “Know Your Members”, using built-in core data analytics; and Tiered Member Services that use a combination of member rewards and relationship pricing to encourage members to grow their involvement with their financial cooperative. Big banks are using tools like these in their marketing; we level the playing field by giving credit unions access to these tools at no additional charge – it’s all built in to our core.”
“Old Ocean FCU’s goal is not to be the biggest credit union – but best in meeting our members’ financial needs,” noted Mr. Settle. “With the selection of the CU*BASE system, we’re excited with the direction our credit union is taking to better serve our members.”
CU*SOUTH adopts a value-added strategy in delivering its software to credit unions. “We don’t just convert and walk away,” says Mr. Vaulin. “We work with every credit union to develop a growth plan for 6 months, 12 months, and 24 months. The software tools are fantastic, but they don’t help you if you don’t use them. Through our Managed Services division, CUSO@Work, we deliver the expertise credit unions need to implement real changes to drive solid growth.”
The CUSO structure was chosen as CU*SOUTH’s business model because it invites participation by the “member-owners” who use its products and services. Member-owners contribute to the development of the products, with the option to build equity in the company and recognize a return on their investment. Ownership in the CUSO is open to all credit unions using CU*SOUTH’s software or services. “We price our shares at a reasonable rate,” says Mr. Vaulin, “and we’re organized under a one-share-one-vote model to ensure equal participation by credit unions both large and small.”