$10,000 per month: CUProdigy core savings for $178M CU
When the $178 million Great River FCU goes live with CUProdigy’s core in early 2020, it will save $10,000 per month compared to its current core invoice.
“That’s an employee or two,” said Great River CEO Brant Hicks. “Plus, the CUProdigy system is so much more efficient than we have now, our people will be more productive.”
Cost is an important factor when selecting a core processor, but Hicks said the deal maker in this case was CUProdigy’s CUSO structure and transparent pricing model.
“Their corporate values are in line with ours. I felt like they really understand credit unions, and we felt it was important to work with a tech provider that treats us the same way we treat our members,” he said.
That means providing Great River with the best solution possible, he added, just like Great River representatives work closely with members to help them select the right products and services to improve their financial lives.
“For example, if we need a report, they will do it without charging a fee, and first consult with us to make sure the report we want will meet our needs,” he said. “Then they will stay on the phone with us until the report is done and make sure we feel confident about how we’ve implemented it.”
Hicks also praised CUProdigy’s $1 per member per month pricing, which includes all available core modules without any extra charge.
“Our current monthly invoice is six to seven pages long,” he said. “When I was doing due diligence I reached out to other CUProdigy credit unions and one CEO took a photo of his invoice with his phone and sent it to me. It was only one line item.”
Great River also selected CUProdigy because even though the core provider offers inclusive modules, the CUSO didn’t pressure the credit union to use them or any specific third parties.
“They told us which ones they thought would work well for us and let us choose,” he said. “And their preferred vendors all provided fully transparent pricing and had been vetted to bring the same cooperative philosophy to the table.”
CUProdigy’s technology sealed the deal, Hicks said.
“Once we began learning more about CUProdigy, we realized they have the latest and greatest technology, just like the larger and well known core brands,” he said. “Except they’re a CUSO and really listen to feedback from their member credit unions regarding which enhancements should be developed in the future. We didn’t get anything like that with our current vendor.”
With a modern, efficient core and $10,000 per month in expense savings, Great River plans to increase its marketing budget to grow market share and attract new members.
“With our team members spending less time on processing tasks, they’ll be able to talk to members and find out exactly what we can do to enrich their financial lives,” he concluded.