History

2016

CU*Answers reached a new milestone with revenue surpassing $50 million for the first time in the CUSO’s history, and returned a record $4.09 million in patronage and ownership dividends to credit unions. The Internet Retailer Support Center is introduced as a new support desk for credit union virtual channel project managers offering a digital store environment for products including the new Mobile App 2.0 with RDC, free hybrid mobile apps, the completely redesigned member application process, the mobile experience center, and more.

2015

CU*Answers sets a record for new members processed in CU*BASE with over 160,000 added through conversions and mergers. 11 credit unions join its network of credit unions. CU*Answers invests in Imaging Solutions team, taking over the sales and support process for e-document strategies. CU*Answers and its cuasterisk.com network partners design a new sales culture and foundation, presenting a significant opportunity for expanding the suite of services, and welcome partner Chatter Yak! into the fold. Working with Payveris for transaction processing, CU*Answers designs its first native user interface within It’s Me 247 online banking for bill pay.

2014

CU*Answers exceeded $40 million in direct revenue. A huge year for FEP (File Expansion Project) development & implementation, representing over 40K programming hours. Reached the 125 owner milestone. Introduced Walking In The Members’ Shoes experience including a new series of videos, website and more. My CU Today introduced and released to board member credit unions.

2013

New look for It’s Me 247 Online Banking and online applications. Work continues on File Expansion Project and new design for CU*BASE GOLD. CU*Answers uses e-Voting for Board Elections

2012

Began new expansion and construction projects. Converted 8 Credit Unions to CU*BASE, with a record 3 new Start-Up CUs, and 7 Mergers. Network expands to 165 credit union clients with 107 credit union owners. Paid a Patronage Dividend of $1.7 million to our credit union owners. 168 CU*Answers employees and 38 Xtend employees plus 14 contractors. Awarded $15,500 in 2nd year ofInnovator Investment & Grant Program. Introduced Grand Opening Kits. Launched the Live It! Series focusing on the 7 Cooperative PrinciplesBoard Financial Literacy Series website launched. Opened the Muskegon Data Center. Network Compliance Teacher newsletter publishedXtend celebrates its 10th birthdayAdvantage CEO Virtual CIO Service launched. It’s Me 247 Online Banking gets nearly 36 million visits in 2012.

2011

Celebrated the International Year of Cooperatives; Converted 14 credit unions to CU*BASE plus several new mergers into existing CU*BASE clients; Reached a new record of 102 credit union Owners; Introduced Mobile Web and Text banking; CU*Answers paid a Patronage Dividend of $1.4 million to our credit union owners; Awarded $10,000 in First Innovators Investment and Grant Program; Introduced the Spirit of CU*Answers” award – VacationLand FCU winner; Online Balloting System available using It’s Me 247 Online Banking; Introduced Cooperative Score; WESCO Net renames to CU*Answers Network Services.

2010

Celebrated our 40th birthday. CU*Answers converts 11 new CU*BASE CU’s; processing for 1.3 million members. Issues record dividend/ interest return to 80+ CU Owners exceeding $1.4 million.

2009

CU*Answers has record year, adding 140,000+ new CU*BASE members; CU*Answers issues record patronage dividend to owners of $700,000; CU*Answers and network partners write and distribute 300+ press releases.

2008

CU*Answers annual revenues exceed $29 million; 14 CU*BASE conversions representing 102,000 members; CU*BASE processing for 130 credit unions representing 1.1 million members; awarded NACUSO’s CUSO of the Year Award – 1st multiple time winner.

2007

Reed Data, Inc. becomes eDOC InnovationsIt’s Me 247 online banking introduced.

2006

CU*Answers partners with Gulf Data Systems (Mobile, AL) for marketing CU*BASE
CU*Answers announces intentions to become majority stock owner of Reed Data, Inc.
CU*Answers announces Check 21 CUSO formation strategy with Corporate One
CU*Answers University Education exceeds 1,800 face-to-face interactions
PIB (Personal Internet Branch) layered security feature introduced for online banking.

2005

CU*Answers expands to its newest 28th Street facility; CU*Answers converts its 100th CU*BASE client representing 13 states; CU*Answers has record year for CU*BASE members converted (100K+); Collaborative Marketing piece delivery exceeds 800K.

2004

CU*Answers implements High Availability strategy for Disaster Recovery; CU*Answers annual revenues exceed $15 million; 698,500 CU*BASE members processed daily; CU*BASE Processing Agreement signed with Franklin & Associates (now CU*NorthWest CUSO).

2003

WESCO changes its name to CU*Answers, reflecting more their place in the credit union industry.

2002

CU*Answers announced formation of Xtend Financial Services CUSOWESCO Net (now Network Services) founded to handle technical needs of clients; partnership with CoWWW results in introduction of CU*SPY online archival of statements and reports.

2001

CU*EasyPay! online bill payment introduced.

2000

WESCO recognized as “2000 Operational CUSO Of The Year” by NACUSO; introduced CU*BASE GOLD and a new TCP/IP network; web development services introduced

1999

CU*@HOME PC Home Banking introduced

1996

Self-processing (in-house) services introduced; first client converted outside of Michigan

1995

Moved to Kentwood location; 26 owners; 41 data processing clients, 83 check processing and 82 Fed deposit clients; assets $2,414,191

1994

Converted from NCR to AS/400 platform; Randy Karnes hired as President/CEO

1991

Opened Saginaw Item Processing branch

1990

36 data processing clients, 44 check processing and 12 Fed deposit clients; assets $853,000; Board reorganized to 7 members comprised of CEOs of data processing clients; relocated to Eagle Park Drive location

1985

42 on-line data processing clients, 16 check processing and 8 Fed deposit clients; assets $543,000; gross processing revenues $693,000. Reorganized as a stock cooperative with 19 original owners

1984

Introduced check processing services: 5 checks processed per day

1982

Introduced Fed deposit services

1980

First ATM connection tested

1979

22 clients; total revenue of $27,000; 8 staff members

1978

66,000 members processed

1976

42,000 members processed

1973

3 clients with 21,000 members processed

1970

West Michigan Computer Co-Op, Inc. (WESCO) organized as a non-stock cooperative to provide low-cost data processing service for credit unions. Stats: 9 board members; 1 client with 7,500 members processed on the NCR platform; approximately 5 staff members.

Currently

CU*Answers provides services to over 176 credit unions in 23 states, representing over 1.9 million credit union members and $19 billion in credit union assets. Clients range in size from 100 to 81,000 members. Headquartered in Grand Rapids, Michigan, CU*Answers employs a staff of more than 200, with 45 full-time programmers and a technical and client support staff of over 85 professionals with decades of combined experience serving the credit union and data processing service industries. CU*Answers is truly a complete service provider for credit unions, offering a wide array of products to meet rapidly changing needs. Some highlights:

  • The core CU*BASE system available in either an ASP (application services provider) or Self-Processing environment
  • Member Check Processing offering imaging and Internet retrieval capabilities
  • Direct Deposit featuring Checkmate or Federal Reserve Bank deposit endpoints
  • CU*Answers University, a comprehensive and free ongoing training strategy designed to meet the varied needs of your entire staff

CU*Answers provides a single solution source for delivering systems such as ATM, debit card, interactive voice response, online and mobile banking, and item processing solutions all tightly integrated as part of CU*Answers complete core solution for credit unions. CU*Answers features Network Services – a Virtual Private Network (VPN) offering a secured, high-speed link to access select business partners and CU*Answers support services. CU*BASE uses industry-standard LAN/WAN networking tools and a variety data retrieval and archival options. CU*Answers is a leader in offering a seamless, single business solution to improve business processes, empower clients and deliver bottom-line results. Let us know what we can do for you!

CUSO Model

Updated
September 23, 2014