Consumers Credit Union Grows Its Investment Services Program with Gateway Services Group
Contact: Judy Sandberg
Consumers Credit Union, headquartered in Kalamazoo, Michigan, has been honored as one of America’s top-rated credit unions, while achieving an average growth rate of 20% for 26 consecutive years. The cornerstone of the credit union’s growth is providing superior service, while
offering products and services that improve the financial wellbeing of its members’ lives. Consumers is dedicated to providing solutions for members’ often wide-ranging and diverse needs.
A strong and growing Investment Services program is also imperative to the credit union’s strategic growth goals, its members, and the communities it serves. To provide the most innovative strategies available, the credit union enlisted Gateway Services Group (“GSG”) to assess its current Investment Services program and provide recommendations.
Consumers formed an alliance with GSG in the spring of 2009 to strengthen its Investment Services program and portfolio of benefits. GSG came onsite to review the program, its benefits and structure, and to provide an action plan on how Investment Services could be enhanced and diversified, to better meet the needs of its members.
“We knew members desired more options with our Investment Services,” said Scott Sylvester, Chief Financial and Technology Officer for Consumers Credit Union. “We looked closely at all of our options before selecting GSG. We liked the fact that GSG was a CUSO (Credit Union Service Organization) and had experience working with credit unions across the U.S. GSG provided a comprehensive report with tailored recommendations to achieve results. We implemented those recommendations immediately.”
“After two intense days onsite (at Consumers) we came away with great respect for the staff and entrepreneurial spirit the executive team has built,” said Tom Ostrand, GSG Director of Program Management. “We were confident the credit union would achieve its Investment Services goals by partnering with GSG. “ Several months later Consumers hired GSG to help implement its recommendations.
In the first months after GSG began its work with Consumers, the Investment Services program showed immediate, meaningful results. In fact, in just 90 days,
the program was on pace to earn a record amount of revenue compared to the previous 12 months. “Consumers did not need to make any additions to program staffing to achieve these results,” said Judy Sandberg, GSG SVP and spokesperson. “GSG provides a suite of tools and processes that have been developed after managing credit union investment programs across the
U.S. These tools help individual programs flourish. By implementing GSG strategies – and with teamwork inspired by an empowered Consumers staff – we knew we had the formula for success.”
About Gateway Services Group
Gateway Services Group is a CUSO formed to provide credit unions with improved performance in their investment, insurance, and trust programs. By using a collaborative structure it can deliver value-added results and provide access to technical expertise in investments, trust, and insurance. GSG was formed in 2003 and is owned by credit unions and CUSOs across the U.S. GSG
has offices in Denver, San Diego, Indianapolis, Austin, and Washington, DC.
Please contact GSG on the web at www.gsgllc.com or by calling 800.915.1004.
About Consumers Credit Union
Consumers Credit Union, America’s top-rated credit union, is headquartered in Kalamazoo, Michigan. With more than $335 million in assets, Consumers has experienced 20% average growth for 26 consecutive years. Established in 1951, Consumers currently serves individuals and businesses through 12 branches and more than 200 ATM locations in Kalamazoo, Portage, Lawton, Coldwater, South Haven, and Holland.
For details, visit www.consumerscu.org or call 800.991.2221.