SAN ANTONIO–Credit unions here got an update on the progress across five areas in the merger of PSCU and Co-op Solutions, but weren’t given an answer on the question one executive said is asked most often—what’s the new name going to be?
In remarks to PSCU/Co-op Solutions’ Member Forum here—the first time the event has been combined for both companies--Brian Caldarelli, EVP-chief administrative officer with the CUSO, who is overseeing the Integration Management Office (IMO) created to manage the combination, called the way teams from each company have come together into one “very inspiring.”
He also credited McKinsey & Co., which is being retained to assist in the merger, for its work. There is also an integration council comprised of credit union leaders who are part of the process as well.
Like CEO Chuck Fagan in earlier remarks, Caldarelli reminded the integration is going to take place over the next several years “because of the complexities of our business and ultimately to minimize solution and service disruptions for our clients…We're focusing on doing this the right way for credit unions.”
Offering an update on the “milestones” in the first 100 days of the immigration process, Caldarelli touched on:
Organizational Design
“We recently completed the organizational design of our senior leaders reporting it to our executive leadership team and are in the process of completing the next level with our sales force being among the first groups prioritized to determine the goal for our team,” said Caldarelli. “We plan to have the full organizational design of the combined PSCU Co-op solutions completed by August.”
Product Roadmap
Caldarelli said the company is actively working on its road map and future solution portfolio, with priority being placed on the products and solutions that operate on both platforms. That effort is being led by Chief Product Officer Denise Stevens.
He said the company has also developed a data center consolidation strategy to align and standardize virtual solutions and is also reviewing its current state cybersecurity capabilities.
Corporate Metrics
Caldarelli said the companies will align their fiscal years on Oct. 1.
Facilities Strategy
Caldarelli said the company is also working on its go-forward facility strategy (PSCU was headquartered in St. Petersburg, Fla., and Co-op was headquartered in Rancho Cucamonga Calif., with a call center facility in Dallas).
Branding Strategy
“One of the most-often asked questions has been, ‘So, what are you going to call the new combined company?’ This is not a project we've undertaken lightly,” Caldarelli said. “Our marketing team and an outside agency are working together to create our new brands, brand foundation and essence capturing our shared vision and the future direction of our company.”
The Focus
Caldarelli said the new branding will roll out over the next few months and will not be an “everything all at once” proposition.
“As we integrate, I want us all to remember that we are grounded in a people-first philosophy and a service-oriented mindset,” Caldarelli said. “We are a service company, which means delivery comes from both our people and from our technology. We remain focused on what’s most important, serving our credit unions.”