GRAND RAPIDS, MIch.–CU*Answers, the 100% credit union-owned cooperative CUSO, and its cuasterisk.com network partners CU*NorthWest and CU*South, announced that the core data processing system CU*BASE now exceeds 260 credit unions in 36 states, with a combined 2.2 million members processed daily.
That number includes a record 20 new CU*BASE conversions completed during the 2015 fiscal year, adding 176,000 members.
“We’ve seen incredible growth over the last decade,” said Scott Page, CU*Answers Executive Vice President. “In 2010, CU*BASE represented 104 credit unions and 804,000 members. We’ve nearly tripled those processing numbers since then, and show no signs of slowing. We’re excited to welcome the next million members to CU*BASE and the extensive network of products and services we’ve worked to build.” As CEOs spread the word of CU*BASE and its network offerings, more credit unions and potential vendor partners are anxious to get engaged. It’s a rapidly growing technology model, uniquely positioned to serve credit unions financial/technology needs of today; not an outdated model of 10-15 years ago.
In addition to its core CU*BASE growth, CU*Answers now has 127 credit union owners nationally, including 48 new credit union owners since 2011. For 2014, CU*Answers announced it returned a combined $2.9 million in patronage dividends and interest back to their credit union owners.
Among the CUs deploying CU*Answers’ CU*Base is Commonwealth Utilities Employees CU, which has deployed the service bureau processing solution, including a wide array of member self-service features. Commonwealth Utilities Employees also implemented the CU*Spy online document image strategy, including e-receipts, photo ID capture and loan forms as part of its total implementation strategy.
The credit union also utilized network partner CUSO Xtend for its SRS Bookkeeping Services for an initial 90-day period, making the conversion process less stressful as staff adapt to the new platform. The service allows Xtend back office professionals to assist with and perform daily balancing and reconciliation tasks to significantly enhance the overall conversion experience, including hands-on-coaching and education in a live processing environment.
Commonwealth Utilities Employees Credit Union represents approximately 2,200 members and $42 million in assets. The credit union represented the eighth new client conversion to CU*BASE for its 2015 fiscal year.