New CUSO Service Seeks to be Loan Activity Catalyst

For many years, Xtend, Inc., a Grand Rapids, Michigan-based CUSO, has been helping credit unions improve operational efficiencies through its shared resources offerings like back-office support, mortgage servicing and inbound call center services.  Over the past several years, however, the CUSO has had its sights set on helping credit unions drive more revenue opportunities. Their newest service offering – CU*HyperDrive – is focused exclusively on driving activity in the credit union lending pipeline.

“We have had a two-pronged strategy for several years,” explains Xtend President Scott Collins.  “On one hand we focus on creating economies of scale for our partners that reduce their overhead and their operating costs, and we have had great success with our offerings targeting the expense side of the ledger.  On the other hand we have deployed services that have helped credit unions drive ore revenue and brand awareness.  Our latest is the CU*HyperDrive concept, which we believe will help establish a new mindset about the way many of our partners market the tremendous value they have as a member-owned cooperative.”

CU*HyperDrive involves the combination of data mining, collaterals, inbound and outbound e-communication with members, a professional call center and the credit union team to provide targeted, proactive marketing execution.  “Our value proposition is to leverage any or all of the tools and resources we have within our network of partners and execute as an extension of the credit union team,” Collins notes.  “And we deliver at the disruptive price points that our owners have come to expect from our cooperative.”

Xtend reports that initial CU*HyperDrive projects have yielded between 10% and 18% lead generation rates for their credit unions.  Overall, the CUSO provides services to over 140 credit unions and CUSOs nationally.