At the 8th Annual CEO Strategies Event held in Grand Rapids, Michigan, credit union CEOs discussed how they, as CU*Answers client owner credit unions, have considerable pride in working with a proven partner whose reputation is based on the goal of working cooperatively for the betterment of the credit unions, their CUSO, and the industry at large.
Within the CU*Answers business model is the concept that R&D is a function of credit union investment, not the invoice. In other words, investing in the CUSO means investing in the credit union’s own success. As one CEO stated: “By having the ability to invest with CU*Answers via stock ownership options, credit unions earn their investment not only through receiving annual dividend returns, but are engaged throughout the development process of CU*Answers solutions, which has helped to materially reduce our technology investment cost risk by working with peers to design practical technology solutions more targeted to our specific member needs.”
CU*Answers is driven by the 7 Cooperative Principles that form the heart of its cooperative business design—recognized industry principles that set co-ops apart from all other enterprises. They are baked into every credit union’s founding model and structure, uniting and guiding CU*Answers in everything they do. They also allow the network to work more effectively, putting CU*Answers client owners and members front and center in order to help guarantee CU*Answers’ ability to more quickly respond to their challenges and opportunities.
CU*Answers through its core system CU*BASE® provides core software support for 260 credit unions in 36 states, representing a combined 2.2 million members between its own clients and network partners CU*SOUTH and CU*NorthWest, which also utilize the system. The CUSO welcomed 15 new client credit unions in 2015.