EPL’s new product advisory team – paving the road to success

Having been in the credit union industry for nearly 40 years, EPL knows one thing above all else – customer feedback matters. Customer feedback is the lifeblood that fuels the innovation and ingenuity behind our products and services. Some of our most rewarding business endeavors, including the decision to build i-POWER®, were the direct result of the feedback posed to us, all thanks to our close and symbiotic relationships with customers. Our customers put their trust in us to deliver industry-leading software and technology solutions, and likewise, we put our trust in them to help us remain ahead of the curve.

Since partnering with Dedagroup NA, the North American subsidiary of the Italian IT services group, Dedagroup ICT Network, we’ve seen some big and exciting changes at EPL. Among those changes include the decision to form our new Product Advisory Team. What is a Product Advisory Team? For EPL, it’s a chance to lay the foundation for an ongoing conversation with you, our customers. It’s a channel by which we can maintain consistent and relevant communication about the topics that matter to you and your credit union. Lastly, it provides a platform that amplifies our customers’ voices. As a customer of EPL, you’ve always been heard, but now you have a megaphone.

What do we plan to accomplish? First, we want to understand your business’ priorities and challenges. We know that no one credit union is the same, and consequently, each customer’s needs differ. However, there will be parallels that we can identify and, in turn, work to address as we continually update our systems and develop new products and services. Our product pipeline is and always will be dependent upon the needs of our customers. Second, we want to demonstrate our commitment to you. Without your vital feedback, we would just be another standard core solutions provider – it’s you that set us apart.

The Product Advisory Team was first unveiled at this year’s client conference as part of EPL’s three-year product roadmap. Since then, we’ve been preparing to launch and are excited to announce that this month we held our first meeting at Ross Bridge Resort in Birmingham, Ala. The turnout was fantastic, but more importantly, the ideas generated were game-changing.

One of the key exercises we conducted was designed to identify some of those priority parallels I mentioned above. As a core software and technology solutions provider, we know that innovation does not happen overnight, and most certainly does not happen without an end goal. By working with our Product Advisory Team to highlight the group’s top five priorities, we not only were able to detect key areas of need, but also ensured that EPL’s continued innovation benefits our customer base as a whole.

This is just the beginning. The Product Advisory Team is not a temporary gathering of the minds or meant to exist on an island. In time, the team will meet again to discuss the next phases of EPL’s evolution and we will invite further customer participation. With your continued help, EPL will become a credit union industry disruptor and challenge the status quo set by the big box providers, all while delivering the best customer service on the market.

Rhiannon Stone

VP, solutions delivery

EPL, Inc.

EPL goes global, stays personal

It’s no secret that credit unions are in a constant battle to meet the rising demands facing the industry today – increased regulation, higher costs, competitive pressure, succession plans – the list goes on. What is particularly troublesome is that every market forecast ultimately yields the same results: membership is projected to increase, while the actual number of credit unions remains on a steady decline. How do credit unions keep pace with the ever-changing industry? Simple - by maintaining the personalized, high-level of service that credit union members have come to expect as they continue to move away from the big banks in droves. The CUSO’s that empower credit unions to deliver first-rate member service are an integral part of the growth of the credit union movement worldwide, and, not surprisingly, must also fight to stay competitive with each other as the technology landscape rapidly evolves.

EPL, Inc. (EPL) is one such credit union service organization. Founded in Birmingham, Ala., in 1977, EPL offers industry-leading core software and technology solutions to credit unions of all sizes with a unique, competitive kicker: It focuses on providing credit unions the same personalized service that their members expect from them. EPL’s industry position today is one of strength and fortitude, following a significant investment from the Italian IT services firm, Dedagroup NA, earlier this year. But it was not always so, as EPL was not immune to the biggest challenge facing many credit unions and CUSOs today: the market itself.

Let’s rewind for a moment. The premise behind EPL’s formation was to ensure that credit unions had a technology and software solutions company to meet their needs, and over the years, that has always been the case. From the beginning, the “service” aspect of doing business was at the forefront of each endeavor EPL took on, whether it was developing one of the first real-time processing systems in the 1970’s, or helping pioneer shared branching across different regions, or helping credit unions embrace an open-architecture system to better support member-driven strategies on a cost-effective basis. Being an early innovator, EPL was never a stranger to accomplishing more with less – a staple of pride for its founders over the past several decades.

Many industry competitors found capital investment for growth from financial institutions; EPL went a different direction – its customers. By allowing its customers to become shareholders, EPL further strengthened the bond that built its business in the first place: deep relationships. Those relationships yielded courageous and risky innovations. The decision to build i-POWER®, EPL’s core connection suite, was not an easy one and involved a significant investment of both time and money. This intense drive to create a well-resourced organization that could serve as a viable alternative to big box providers continues today. To ensure and improve its future market position, EPL began the process of seeking out an industry partner – a partner that not only shared its values of superior customer service, but also one that believed innovation to be the foundation on which highly successful companies are built.

Enter Dedagroup NA.

While EPL is still credit union-owned, Dedagroup NA, the North American subsidiary of the Italian IT services group, Dedagroup ICT Network, made a multimillion dollar investment – a 70 percent stake – early in 2015. Dedagroup NA not only brought shared values and capital assets to EPL, but also over 40 years’ experience serving financial cooperatives in Italy, Europe, and most recently, Mexico. This new global perspective has allowed EPL to continue to do what it does best: serve its customers through constant innovation.

What does constant innovation look like for a CUSO like EPL? Think expanded proprietary solutions. Think strategic partnerships with premier, best-in-class business partners. Think a cloud-based datacenter structure and real-time solutions. Think access to global technology assets that further strengthen EPL’s already industry-leading core engine, i-POWER®. Lastly, think about connections – customer and member connections driven through data and, most importantly, human interactions.

EPL’s new global perspective has also created a palpable buzz among credit unions nationwide, and already resulted in the return of former longtime customer, North Alabama Educators Credit Union (NAECU). Credit unions like NAECU are excited about EPL’s newfound market position and evolving software and technology solutions, but the foundation upon which EPL was built is its ultimate selling point: EPL takes its relationships with customers very seriously.

EPL’s latest move to keep customers involved in the innovation process is the development of its Product Advisory Team. Since its inception, EPL’s customers have been an integral aspect of the product feedback loop, helping develop new strategies and solutions to enhance the member experience. The recently formed Product Advisory Team will assist EPL in creating solutions that credit unions not only want, but desperately need to stay competitive in the marketplace.

As the credit union industry ebbs and flows, twists and turns, flies and dives, remember – there is a reason that hardworking Americans are turning away from big financial institutions in favor of the credit union movement: the experience. The experience of first-rate service. The experience of being part of something greater than oneself. The experience of knowing that any issue had will be met with the resolve of a real person. The commitment to a first-class experience that credit unions make to their members should be reflected in the partnerships that it forges to deliver on that promise. This demand for excellence will not only help CUSO’s like EPL stay competitive, but also help credit unions of all sizes continue to evolve in a marketplace that knows growth as well as it knows volatility.

EPL Staff

EPL, Inc.