Thursday, April 27, 2017

Spring Cleaning Your Credit Union’s Technology - What’s Working and What’s Not?

Spring is in full swing, which means it’s time to clean out the closets, discard what you no longer use and get organized. This same principle should be applied to your credit union’s software — now is a great time to assess what is working well and what “clutter” lies in the path of progress. Remember, technological efficiency is closely tied to success in our industry. 

When analyzing what is working for your credit union, consider these four questions:

1. Do your digital platforms make transactions easier for members?
Members expect to have the data they need to make informed decisions at their fingertips. Transactions should be easily made online or via mobile apps. Did you know that the biggest obstacle for credit unions in mobile banking usage is getting members to sign up? Consider ways in which you might incentivize members to utilize your digital platforms and educate them about their benefits. If members aren’t using your digital platforms, it doesn’t matter how user-friendly they are.

2. Does your technology inspire loyalty and retention?
Your credit union’s technology should be your key to unlocking insights on member behavior and trends. These insights can be used for cross-selling opportunities that keep members engaged with the credit union and encourage them to add on more products and services. Your technology should be central to your credit union’s retention strategy. If it’s not giving you the data and insights you need, it’s time to consider an upgrade.

3. Is your software up-to-date?
According to a recent survey, most credit unions are operating with software that is more than five years old. While this is not uncommon, not all core providers regularly update their software with new features and efficiencies. When was the last time your core provider put out a major software release? Are they routinely meeting product development promises or obligations? Ensure you remain on the cutting edge by choosing an innovative core provider who evolves and delivers in anticipation of customer needs, not to catch up to them.   

4. Is your data secure?
Cybersecurity remains a hot topic and large threat to credit unions and other financial institutions. Consistent updating of your security software is non-negotiable. Computer updates as well as application updates must be applied as soon as possible upon release, so that necessary patches are installed to prevent any cybersecurity weaknesses. Also, make sure any former credit union employees have been removed from access to company systems.

When looking at your core software, are there any components that are outdated, clunky or inefficient? If so, it might be time to upgrade to a more streamlined solution. Your credit union is only as strong as the software your employees and members use daily — make sure it’s working effectively for you and your members.

Shairaj Shaik

Vice President of Software Development

EPL, Inc.  

Friday, March 31, 2017

So, what is it like to work at EPL?

In February 2013, EPL opened its doors to my wide-eyed and nervous self. As a 23-year-old, the chance to not only work in a more corporate atmosphere, but to also in an environment like EPL’s was an unbelievably exciting opportunity for me. I was set on making a positive impression at my new “work home.” What I didn’t realize at the time, however, was how much EPL would also make an impression on me.

I could speak extensively about the positive aspects of working at EPL, but wanted to highlight a handful of attributes that make EPL stand out as a distinct employer:

Our Customers. We at EPL feel privileged to have such valued relationships with our customers. The ability and willingness of our team to provide one-on-one, customized assistance to each of our credit unions is unparalleled. Our friendly and highly dedicated customer service allows us to get to know our customers on a personal basis and simultaneously position them for success. Our customers trust us to make sure their credit union and its members achieve their highest ambitions, and we do everything we can to make sure that success is delivered. We truly do have a wonderful group to work with – both here at EPL and at the credit unions we serve.

Open Door Policy. The constant exchange of information and knowledge I witness every day is both energizing and fulfilling. No matter the role or title, every person on our team serves as a mentor to others. Have a question? Call a coworker and they will pause their task to help walk you through your issue until you reach a resolution. Managers here are also keen on ensuring each employee’s success and happiness. The fact that I can walk up to my supervisor and ask, “Do you have a minute?” and have an impromptu conversation is both invaluable and instrumental in fostering a culture of collaboration, cooperation and caring — a culture that unmistakably trickles down throughout the rest of the company.

Flexibility. EPL employees are given the opportunity to work remotely, which symbolizes management’s trust in employees to remain productive and responsive. It also gives employees freedom and flexibility in their schedules, while still providing excellent customer service.

Growth Opportunities. Employees here are also encouraged to explore and learn about all departments of the company. This cross-training creates limitless learning opportunities for an employee, which, in turn, allows the individual to grow and flourish in both knowledge and skill and gives them the ability to expand their role if they wish to contribute their talents in other areas.

Our Future. Since 1977, EPL has experienced many transformations in order to continue to effectively serve the credit union industry. I feel incredibly lucky and thrilled to be a part of a new evolutionary period of our company. With the investment from Dedagroup NA in 2015, and our recent strategic partnership with The National Federation of Community Development Credit Unions, we now have the ability to expand our collaborative efforts with larger, international organizations and serve a wider audience for the advancement of the credit union industry. Not to mention, we have the pleasure of getting to collaborate with a highly motivated team in both the U.S. and abroad, as we share the collective purpose of applying innovation and efficiency to everything we develop!

As is inevitable for any business, our team will sometimes encounter challenges. But beyond any difficulties and growing pains we may face lies EPL’s wonderful team members, who possess an unwavering dedication to serving our customers and the fundamental belief that only together can we achieve the greatest success.

Ashlyn Fogg

Sales Operations Specialist

EPL, Inc.

Friday, December 23, 2016

How the Change in the Oval Office Will Affect Your Credit Union

(NOTE: This blog does not constitute a political endorsement or criticism. It serves only to provide commentary on potential regulatory changes and their possible impact on the credit union industry.)

Next month marks a big shift for the U.S., with Donald Trump set to take office on January 20, 2017. With a new administration comes new policies and procedures, and Trump’s will be no different. Although we won’t know for sure what will happen when he takes office, we can examine how his views on key issues will likely affect credit unions in 2017 and beyond.

Dodd-Frank Wall Street Reform Act

Throughout the presidential campaign, a hot-button issue for Trump was the reduction of regulations on businesses. In Trump’s opinion, too much regulation stifles growth, especially for smaller businesses. The credit union industry viewed this position as favorable and, according to the New York Times, 84 percent of small financial institutions supported Trump in an industry poll over the summer. 

A major set of regulations Trump would like to repeal is the Dodd-Frank Wall Street Reform Act. Dodd-Frank was passed in 2010 to prevent another financial crisis from wrecking the economy. According to Trump, however, Dodd-Frank is comprised of too many complex, cumbersome regulations which slow the growth of businesses. Many in the credit union industry agree, as the regulations designed for large banks deemed “too big to fail” are also enforced on credit unions. The cost of compliance with these regulations is high, and many in the credit union industry argue that this disproportionally affects smaller financial institutions that cannot afford to pay the price. They don’t believe credit unions should be subjected to the same lending and capital restrictions as larger banks.

If Trump follows through on his promise to “dismantle” Dodd-Frank, credit unions may find themselves with fewer limitations on how to use their capital. However, Dodd-Frank took years to implement and will likely not be undone overnight.

Financial CHOICE Act

The CHOICE Act, proposed by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, is a preliminary step to roll back Dodd-Frank regulations and create a new standard for financial institutions and credit unions. The CHOICE Act was approved by the House in September, and is thought to be a potential framework for future changes to Dodd-Frank.

The National Association of Federal Credit Unions (NAFCU) has shown support for this act, specifically the repeal of the Durbin Amendment (another component of Dodd-Frank). The Durbin Amendment limits interchange fees on debit cards and, although there is a provision for financial institutions with assets less than $10 billion, credit unions have still lost profit from these fees.

The CHOICE Act also stipulates other provisions for smaller financial institutions, including a legal safe harbor from escrow requirements for community banks and credit unions holding loans in portfolio for three years, and an exemption for firms that provide 20,000 or fewer mortgage loans annually from certain escrow requirements.

FHFA

Trump’s presidency could also affect the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac. Trump’s team has expressed a desire to free Fannie and Freddie from government control, and many republicans agree. However, in a letter to congress, the NAFCU stated their belief that “a healthy, sustainable and viable secondary mortgage market must be maintained,” and “credit unions must have unfettered, legislatively-guaranteed access to such a market.” The NAFCU does not want Fannie and Freddie, both government-sponsored enterprises (GSEs), to be privatized because credit unions could be excluded from the secondary market. The NAFCU said they would be open to merging Fannie and Freddie and keeping them under the FHFA. It remains to be seen what will happen with Fannie and Freddie, but any changes will obviously affect credit union mortgages. 

There’s no way to know exactly how the change in the oval office will affect credit unions until Trump arrives at the White House and starts implementing policies. However, it is safe to say that there will be quite a few changes — many focused on decreased regulation — with the incoming administration.

EPL Staff

EPL, Inc. 

Thursday, November 10, 2016

Introducing EPL’s New Corporate Logo


 Say “Hello!” to EPL’s new corporate logo and refreshed visual identity system. This is an exciting time for our organization as we look to the future – both for our company, and the credit union industry as a whole. We are not the same company we were just two short years ago, and our new look is the culmination of a period of transformation – transformation into a software development company that provides the most competitive financial products and best customer service in the market.

Our vision for the future is both collective and aspirational in nature. Alongside our partners at Dedagroup, who made a majority investment in EPL in 2015, we’ve doubled down on our commitment to relentless innovation and focused intensely on creating the best customer experience through adherence to the three core tenets that drive and define us – Evolve. Perform. Lead. These tenets, which define our acronymic name, are easily witnessed through the consistent results we deliver to our customers.

After countless hours of exploration, organizational introspection and stakeholder participation, we decided it was finally time that our aesthetics aligned with the bold new course we have we have charted with Dedagroup – a course toward the realization of industry-leading technologies delivered alongside unrivaled customer service. The new EPL logo better reflects our company’s forward-looking vision and innovative aspirations, pursued constantly by a team devoted to developing viable, affordable and savvy software solutions that improve customer profitability and enhance the user experience.

Typography and Color Palette

The humble, yet confident typography and inherently approachable color palette pay homage to the first-class products and service EPL provides in a more modern, aesthetically pleasing manner.  

The Mark

The circular design of the mark points to the global perspective and resources brought to EPL by Dedagroup, while telling a deeper and more meaningful story. It is comprised of three elements that represent our three tenets – Evolve. Perform. Lead. – which are organized in a manner that empowers the viewer to visualize each individual letter of EPL within the circular mark itself.

The Payoff

The payoff – “A Dedagroup Company” – tells the world that we are fully integrated and aligned with our partner, and a member of the Dedagroup family of companies. It gives further credence to Dedagroup’s confidence in EPL as its first U.S. partner, and is a second nod to the global perspective and resources the partnership affords us.

So, what’s next? Well, our upward trajectory will continue. We will evolve in an ever-changing financial marketplace, catering to the changing needs of our credit union customers and providing the speed of access to financial information that members demand. Our robust software solutions will perform at the highest level in the marketplace, giving us a competitive edge over other core providers. Finally, we will lead our industry and set the standard for true innovation, customer service and employee satisfaction.

This is who we are. This is where we’re going. This is the new EPL.

EPL Staff

EPL, Inc. 
 

Wednesday, July 20, 2016

Paving the way for CDCUs with CU Impact

Last fall, we shared a very exciting and meaningful, announcement: we forged a new partnership with the National Federation of Community Development Credit Unions (Federation) to create CU Impact, a shared core banking platform designed specifically to help credit unions deliver affordable financial services to low-income members in underserved communities, which will have a massive impact on community development credit unions (CDCUs) and the communities in which they operate. We are now excited to announce that this partnership has been officially finalized, and we cannot wait to get the ball rolling. Not only is this an exciting new business venture for EPL, but also a great cause we were excited to get behind.  

Each year, 90 million Americans living in unbanked or underbanked households pay more than $90 billion in fees and interest to payday lenders and other lenders outside the financial mainstream. Most CDCUs, similar to other CUSOs and credit unions, have instilled within them the great desire to provide exceptional customer service. However, they are often strapped for resources, and therefore the advanced technology needed to provide a superior member experience. This is part of the reason we stepped in to help—EPL wanted to empower the Federation with the software solutions and services necessary to allow member CDCUs to expand access to safe, affordable banking products and services, and reach a greater number of underserved households.

Our core solution, i-POWER®, is known for its modern versatility, flexible integration capabilities and convenient plug-and-play functionality. This perfectly positioned us to work with the Federation, alongside our parent company, Dedagroup, to leverage the modern platform i-POWER® and develop CU Impact so that CDCUs have the opportunity to provide exceptional service, measure results, efficiently report and consolidate a number of essential tasks. By aggregating the accounting, compliance and processing functions across credit unions with a shared mission, CU Impact achieves economies of scale that allow credit unions to invest more in their members and communities.

Since our recent announcement, we have been working tirelessly to perfect the rollout of this product—after all, it will be serving more than 5 million residents of low-income urban, rural and reservation-based communities! We believe hearing from the people that will be using our software is most effective and influential, which is why a software advisory committee of leading community development credit unions will prioritize CU Impact software design and enhancements. CU Impact will be the first core platform that will support, deliver and measure the impact of credit union products and services that build the financial security of low-income members.

This initiative has been in development since 2013, when Citi Community Development provided financial support and expert insight to the Federation to determine the viability of building a dedicated core banking system to power the growth and impact of credit unions. Under the terms of the agreement, the Federation will purchase preferred stock in EPL, and we will match the Federation’s investment in CU Impact on an ongoing basis. Additionally, The W.K. Kellogg Foundation recently granted $559,500 for enhancements to CU Impact for the automation of small dollar loans and matched savings accounts.

Needless to say, we are thrilled to be a part of this meaningful and exciting venture, and look forward to our software having the opportunity to make a true difference for these CDCUs and the underserved, low-income individuals that they serve.

Robin Kolvek

Interim CEO

EPL, Inc.

Tuesday, June 21, 2016

EPL’s May 2016 Product Advisory Team Meeting Recap

May was an exciting month at EPL, as we were thrilled to host our second Product Advisory Team (PAT) Meeting here in our hometown of Birmingham, Ala., at The Wynfrey Hotel on May 23—24, 2016. The biannual strategic meeting provides an avenue to connect more deeply with many of our credit union customers, discuss new developments within EPL’s “Connection Suite” of products and collaborate to identify collective top areas of focus for the upcoming year.

This customer-centric event is significant and meaningful to EPL, as we value our customers and their members’ experiences above all else—it is the core of our industry. We were very pleased with the turnout at the May meeting, with a larger number of credit unions participating than at our first PAT meeting in September 2015. The increased participation is more evidence that our customers know their voices are heard, and they value the opportunity to connect with us and other credit unions in this forum.

Not only is the PAT intended to be the direct voice of EPL’s customer base, but also is intended to empower growth, maximize revenue and improve members’ experiences at credit unions of all sizes. During the first day of meetings, we had the opportunity to discuss progress on initiatives laid out last fall, including general ledger enhancements, relationship pricing, in-house credit cards, proprietary lending services, e-communications, teller operations, online banking and other functionalities of our technology offering, such as security, client support and architecture.

On day two, we engaged collaboratively to hone in on top areas of focus, and will direct our attention toward additional capabilities for the general ledger, more choices and options in lending within i-POWER® and also via integrations, online banking enhancements, major additions to document management, user interface enhancements and advanced account research, including great ATM, debit card and electronic interaction enhancements.

We have recognized the critical need for more in-depth communication on industry issues, and need you—our subject matter experts—to share your institutional knowledge and experience with us during our smaller focus groups. Your insight is invaluable to the process, and plays such a vital role in helping us discover what is working well and what we need to improve upon. Customer insight is what allows us to continue to build a system that better accommodates evolving needs.

Our post-meeting feedback surveys showed that customers positively responded to the new format of the meeting, and we will continue to refine our approach in an effort to increase engagement and streamline various processes. One thing is for certain—we are convinced of the value created by our PAT meetings—not just for improving EPL’s technology offering, but also for building deeper relationships with our customer base as a whole.

At EPL, customer collaboration does not begin with or end at the PAT meeting. We invite you to continue to share your thoughts, concerns and ideas with our customer support team as we look toward our next PAT meeting in November 2016. Until then, we will work tirelessly to deliver on the issues that that matter most to our customers.

If you have questions about EPL’s PAT, please let us know on Twitter, Facebook or via email at rhiannon.stone@epl.net!

Rhiannon Stone

VP, solutions delivery

EPL, Inc.


Tuesday, April 19, 2016

Implementing an Internal Communications Strategy within your Credit Union

Oftentimes, companies don’t recognize the need for improving internal communications until it’s too late—when their employees are unhappy and their culture is suffering. If you do not have an internal communications strategy implemented within your credit union, you are already two steps behind. Did you know that ineffective internal communication leads to lost revenue, customer dissatisfaction, massive miscommunications and rapidly decreasing employee engagement and retention? According to Gallup’s State of the American Workplace report, 70 percent of employees are already not engaged.

Make it a priority

After digesting the above news, you probably just had a revelation—you are going to prioritize achieving great internal communication within your credit union, but unfortunately it’s not as easy as simply making an intentional decision to do better. Prior to establishing a new strategy, you need to accept that change could be inevitable and that these changes should be embraced by you and your fellow executives. Additionally, prior to implementation, it is necessary to gather information from your employees to develop a baseline. You can begin gathering the pertinent information by distributing short anonymous surveys to your employees, or by meeting with them in small groups or one-on-one to discuss their views and concerns regarding communication within your company.

Tailor your approach

Once you have established a baseline, you will need to discover which internal communications methods are the best fit for your credit union. All companies are not created equal and will have different needs and preferences. Hone in on improving horizontal communication by exploring tools that allow your employees to communicate most effectively and encourage collaborative, open conversations. If employees feel mass emails are clogging up their inboxes and leading to miscommunications, perhaps you should consider services like Slack or Google Hangouts. If your company’s Intranet is not being properly utilized, it may be time to consider discarding the service for something more appealing to your employees.

Appreciate your employees

Another important aspect of internal communication is to ensure your employees feel included and appreciated, as it increases their engagement, work ethic and loyalty. Intentional efforts ranging from something as simple as recognizing a celebratory day, such as a birthday or a noteworthy accomplishment, to focusing on improving the vertical communication between your executives and employees will have a noticeable effect. If your employees feel that there is not a sufficient amount of vertical communication, consider holding a weekly team meeting so that everyone feels in the loop and included.

Measure your success

The best way to discover appropriate internal communications tools for your company is to pick your employees’ brains for their suggestions—and once you select the most appropriate communication methods, be sure to set goals surrounding them in order to measure your success, or to learn you need to reroute. Use metrics such as Intranet logins, surveys, retention rates and sales changes to measure your internal communications success. It might take time to figure out what is right for your credit union, but we assure you, once you do—it’s worth it.

EPL Staff

EPL, Inc.