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.
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.
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.
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
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 Principles. Board Financial Literacy Series website launched. Opened the Muskegon Data Center. Network Compliance Teacher newsletter published. Xtend celebrates its 10th birthday. Advantage CEO Virtual CIO Service launched. It’s Me 247 Online Banking gets nearly 36 million visits in 2012.
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.
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.
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.
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.
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.
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.
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).
WESCO changes its name to CU*Answers, reflecting more their place in the credit union industry.
CU*Answers announced formation of Xtend Financial Services CUSO; WESCO 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.
CU*EasyPay! online bill payment introduced.
CU*@HOME PC Home Banking introduced
Self-processing (in-house) services introduced; first client converted outside of Michigan
Moved to Kentwood location; 26 owners; 41 data processing clients, 83 check processing and 82 Fed deposit clients; assets $2,414,191
Converted from NCR to AS/400 platform; Randy Karnes hired as President/CEO
Opened Saginaw Item Processing branch
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
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
Introduced check processing services: 5 checks processed per day
Introduced Fed deposit services
First ATM connection tested
22 clients; total revenue of $27,000; 8 staff members
66,000 members processed
42,000 members processed
3 clients with 21,000 members processed
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.
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!