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 Staff
EPL, Inc.
