University Credit Union ($725 million, Los Angeles), along with Share One, Inc., their core provider, teamed up to undertake the purchase, assumption, and conversion of CBS Employees Federal Credit Union onto UCU’s books. Typically, combining two credit unions is a lengthy procedure which involves untangling a complicated web of data and reorganizing a multitude of third-party processes into one system that will benefit new and existing members. However, this team accomplished this workload in less than one month for their members with a transparent and seamless effort.
Share One operates as a CUSO and shares an excellent collaborative partnership with UCU which spans for over three decades. UCU, along with 10 other credit unions, served as a sponsor for the initial development of NewSolutions and helped design the core. Dr. David Tuyo, President/CEO of University Credit Union, notes that NewSolutions helped aid with multiple peer-to-peer achievements in several top-of-the list rankings: #1 in 2018 organic loan growth, #1 in 2019 in performance, #1 in 2019 with mergers for members/loans. “We are proud of our accomplishments,” said Tuyo. “A collaborative partnership with Share One has enabled us to efficiently deliver services which help fuel our achievements,” he said.
Teri Van Frank, President/CEO at Share One, said, “Our goal is to actively seek solutions to help our clients stand out in their own marketplace. We send our experts to our clients to perform on-site analyses which help the credit union better understand how they can impact workflow improvements.” This analysis is an ongoing process which UCU participates in regularly, so they can keep abreast of improvements in the NewSolutions software.
These on-site visits are a great return on investment to Share One because receiving feedback from clients impacts improvements to both NewSolutions core software and the web-based NS3 line of products. Best practices and the ability to remain competitive with a strong mobile and online presence is imperative to stimulate member participation and wallet share.
Collaboration in the credit union industry is more important and relevant than ever and will allow credit unions of all sizes to compete and create products and services that will stand out in a competitive market. With a partnership like Share One and University Credit Union, creating unique product offerings with higher levels of speed and quality is an obvious reality.
Dr. David Tuyo, Pres/CEO University CU, Los Angeles