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.

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.

GAC in review: 3 key takeaways

The CUNA Governmental Affairs Conference (GAC) unites thousands of credit union leaders in our nation’s capital at the year’s biggest credit union advocacy event. The GAC is recognized as the premier event for political impact, and features keynote presentations from high-profile leaders, political figures and media influencers. It is an important opportunity to connect and learn from progressive thinkers and doers, as well as engage with legislators and regulators on key issues.

This year, EPL had a strong presence at the conference, and our team networked with credit union leaders and showcased our exciting product offering. We also had the chance to attend several workshops and presentations to learn more about the issues that directly affect our customers.

We absorbed a vast amount of critical information, but of course—there were specific themes that arose more often than others. Below, we have compiled our top three takeaways from the GAC that we believe credit unions need to be aware of:

1. Cybersecurity Preparedness

This year’s conference featured a keynote speech delivered by award-winning broadcast journalist and author of Lights Out: A Cyberattack, a Nation Unprepared, Surviving the Aftermath, Ted Koppel, on the topic of cybersecurity preparedness.

It is imperative that credit unions prevent, detect and prepare for potential security breaches using contemporary technology. Speaking candidly with technology vendors about your expectation of receiving the highest level of security against breaches will help them create and manage disaster preparedness plans that map out your credit union’s response to any incident. As it happens, current regulations mandate that vendors provide advanced and holistic safeguards to protect your member data.

However, in order to be effective, the plan needs to define immediate and longer-term objectives for operations and communications to ensure sustained confidence from regulators and members. In addition, you should train your management team and staff on how to respond to any such matter. 

2. Advocacy is Everyone’s Job

CUNA President & CEO Jim Nussle reminded attendees that advocacy needs to take place all 52 weeks of the year, not just during the GAC. “Advocacy is everyone’s job,” he said. One area that is in need of more attention is technology. Credit unions will have to accommodate the needs of “tech-savvy natives” as technology plays a larger role in the lives of future generations, said Tansley Stearns, Filene Research Institute chief impact officer. “This next generation of members is going to demand service that includes digital technology.”

Core solutions providers will play an important role in developing the technology tools and platforms that meet the expectations of new generations of members. Adapting to mobile and desktop requirements is only the first step. Technology is changing rapidly and what satisfies today likely will be outdated within a few years. Evolving with, not in spite of, market demands will be key to the success of the credit union industry as a whole. 

3. Speeding Up Auto Loan Approvals

President & CEO of CU Direct, Tony Boutelle, said in an interview at CUNA’s GAC that as auto sales continue to increase, many credit unions still take longer than other financial institutions to approve loans. New car sales are estimated to reach 17.7 million this year—a drastic increase from the 11 million sold in 2009 during the recession. 49 million used cars are likely to be sold this year, Boutelle predicted, although consumer confidence may slow down slightly as the November election approaches.

It has been revealed in a study by Google that consumers desire “micro-moments” or the ability to make instant decisions about such things as purchases no matter where they are. Therefore, it would behoove credit unions to take advantage of organizations that offer them a variety of services that use technology to help speed up lending in several areas, including auto loans. Such services allow you to offer a branded shopping service to members who are considering a vehicle purchase. 

These are just three of many takeaways from our perspective—what we are really interested in is what you think! What other issues discussed at the GAC that affect your credit union were important to you?  Let us know on Twitter, Facebook or via email at wayne.benson@epl.net.

EPL Staff

EPL, Inc. 

How credit unions can empower members to be their best marketers

Credit union executives constantly ask themselves, “How can I improve our marketing program?” It’s a vital question if you are trying to generate a more positive perception of your credit union within the community and ultimately grow your member base. If you know EPL’s mantra—if you’re not growing, you’re dying—and recognize its importance, then you believe inherently in the necessary role that impactful marketing campaigns can play. While tactical outreach programs are crucial for both promotion and brand awareness, one of the most powerful resources that you have at your disposal is your membership base itself.  

Below, we’ve outlined five ways credit unions can empower members to be their best marketers. 

1. Member experience – Cultivating an environment that produces positive member experiences will naturally encourage them to rave about your credit union. Remember—people want to talk about things they feel good about. A great member experience leads to overall satisfaction, and therefore improved outcomes—something we here at EPL recognize and prioritize. Provide your members with superior service by working with them quickly to resolve any issues and constantly implement touch points throughout the relationship. As credit unions are member-owned, this aspect of your marketing plan is integral to your collective success.
2. Loyalty and rewards programs – Show you members you care by rewarding them when they overcome feats or accomplish something new, and recognize their loyalty to your credit union where possible. According to the National Association of Federal Credit Unions (NAFCU), consumers want discounted or free products more than anything else from these programs, followed by enhanced customer service, free shipping and access to exclusive products or events. Provide your members with these initiatives, and their sentiment towards you is sure to improve.
3. Member appreciation events – Host events to show your credit union members how valuable they are to you. A Member Appreciation Day (or week, if you really want to show your gratitude), is a meaningful touchpoint and reminder that you appreciate them as much as they appreciate you. Even something as simple as offering your members donuts and coffee at your credit union’s branches can go a long way, and will encourage members to speak positively about their experiences.
4. Innovative solutions and products – Credit union members want to feel as if they have the most innovative products to manage their finances. Especially in today’s world, people also want convenience—so give both to your members by providing a robust, functional online banking platform. This will give your members the ability to easily access their finances from anywhere, while allowing them to still feel the trust and comforts of their credit union home—digitally.
5. Educational tools – Empower your members to be fiscally responsible by offering them the educational resources they need. By showing your members you care enough about them to provide financial literacy tools, such as pamphlets or classes, they will deeply value your relationship and become more loyal over time. At the end of the day, it should be your credit union’s mission to help members achieve their financial dreams—and a bit of education can a long way. 

Do you have any other great ideas to help credit unions empower member to be their best marketers? Let us know on Twitter, Facebook or via email at jami.jennings@epl.net!

Jami Jennings

Senior Product Solutions Manager

EPL, Inc.

2015 in review: An open letter from EPL’s CEO

The start of a new year affords me two unique opportunities—a chance to reflect in earnest on the successes and failures over the course of the past year, and to affirm strategic goals and areas of focus moving forward.

As easy as it is to get caught up in day-to-day issues, it’s imperative that we, as a team, take a step back and look at the big picture—to piece together the puzzle and appreciate where we stand today in comparison to one year ago. With great confidence, I can say that, to me, 2015 represented 365 days of unprecedented forward movement, growth and visibility for EPL, its customers and its industry partners.

2015 was the year that Dedagroup ICT network entered the U.S. market and identified our company as its first partner by making a multimillion dollar investment in our team. The effects of this have been overwhelmingly positive, providing our team with technological and capital resources that have propelled us from being a relatively small core solutions provider to an industry disruptor that is part of a global brand generating over $3 billion in gross revenue. EPL’s people have always been the driving force behind the successes we’ve enjoyed, and now our team is equipped better than ever to dominate the competition and capture significant new market share. 

EPL’s reputation for exceptional service is rooted in our brand’s identity—customers know it, and so do our competitors. That fact that 2015 marked the return of a former long-time customer, North Alabama Educators Credit Union (NAECU), speaks volumes about the incredible value we create by delivering industry-leading service and solutions. Customers like NAECU who have experienced the EPL difference find that big-box providers simply aren’t equipped to provide the responsiveness and attention that we give our customers every single day.

The warmth of the summer brought a contagious momentum that perforated the room at our 2015 Customer Conference in Orlando, Fla., where we introduced our Dedagroup partners and unveiled EPL’s new direction. We gathered feedback, socialized and together looked toward the future. As we reconvened in the fall at our Product Advisory Team meeting to finalize our new product roadmap, it became clear to me that this palpable momentum had not waivered, but instead gathered steam.

And gather steam we did! Soon after the Product Advisory Team meeting, a strategic partnership with the National Federation of Community Development Credit Unions was announced to develop CU Impact, a  core banking platform designed to scale the delivery of innovative products and services offered by credit unions operating in low-income and underserved communities. Throughout 2015, our skilled team was able to  develop new proprietary solutions and deliver 12 releases, including four major product releases for i-POWER®, with areas of focus in accounts payable and lending, as well compliance, security and technology enhancements.

Also, in the fall, our team was thrilled to announce that EPL’s board approved a measure to eliminate the TRiP charge from our customers’ invoices, saving the collective group approximately $1 million per year. TRiP highlighted six specific areas of technology development—security, client platform support, application architecture, database and database architecture, integration services, and hardware and operations—and many key milestones have already been reached. EPL’s continued focus on technology development will ensure the long-term sustainability and viability of i-POWER®.

Internally, we recalibrated our leadership hierarchy, assigning new roles and responsibilities designed to increase growth through an intensified concentration on product and business development. With open arms, the EPL team welcomed our Dedagroup NA colleagues and their wealth of expertise into our offices as additional resources to help us achieve the strategic goals set forth by our Product Advisory Team. The progress we’ve made thus far led us to a consensus that in 2016, in lieu of holding our annual Customer Conference, we will double down on our Product Advisory Team meetings and initiatives, incorporating regional meetings as requested.

Looking back over these tremendous accomplishments, it would not be a stretch to say that perhaps 2015 was our best year to-date. What I can say with certainty is that this past year was only a glimmer of what is to come for our team and our partners at Dedagoup NA.

2016 will see the integration of a real-time general ledger, a new in-house credit card module, improved batch credit card interfaces, new relationship pricing functionality and a few other exciting surprises for our loyal customers.

I’ll leave you with this—none of this would have been possible without the hard work and dedication of our entire team.

Together we solve problems, develop innovative solutions, support one another’s creativity and out-of-the-box thinking, and constantly challenge the status quo. Ordinary efforts don’t produce extraordinary results, and it’s evident to me that nothing about EPL is ordinary. So today, I express my sincerest gratitude to each member of the EPL team for your tremendous efforts, and to each of our customers and partners for traveling the road to greatness with us. I assure you the best is yet to come.



EPL Staff

EPL, Inc. 

Celebrating our customers on International Credit Union Day

               

International Credit Union Day has been held on the third Thursday of October since 1948. This day of recognition gives us a chance to reflect on our industry’s history, acknowledge credit union accomplishments worldwide, and celebrate milestones as the industry continues to grow its member base year-to-year. At EPL, we use this day to honor our outstanding credit union customers, show our appreciation for all the hard work that they do, and express gratitude for the opportunities they give us each day to provide excellent service through our core software and technology solutions.  

To commemorate this day of well-deserved recognition, we wanted to share five of our favorite things about working with our credit union customers: 

1. Credit unions provide spectacular service to their members, making it a delight to work together as partners. Last year’s American Customer Satisfaction Index revealed that credit unions received an 85 percent customer satisfaction score. Great customer service makes for great satisfaction, and therefore great results. At EPL, we operate under a business model that puts customer satisfaction at the top of our priority list. In fact, through our i-POWER® system, credit unions can expect first-rate customer service with an 85 percent first call issue resolution – a mirrored figure, indicative of our shared values. 
2. Credit unions embrace innovation. The credit union industry has made a steadfast commitment to invest in advanced, competitive technology solutions in order to keep pace with increased market demand. Similarly, EPL works to constantly develop and refine innovative solutions for our credit union customers by delivering high-tech efficiencies, including a modern, open-architecture core system that provides choice access to a connection suite of products and services. 
3. Credit unions care deeply about their communities. Credit unions recognize that some people deserve a fresh start or someone willing to take a chance on them, which is why they provide flexibility to their new members. Many credit unions offer first time buyer loan programs to younger members who have no credit, or fresh start auto loan programs to individuals who might need a second chance to rebuild their credit. Others operate in low-income communities, whose citizens have limited or restricted access to financial services. EPL also believes in helping communities that need it the most, and one of its recent ventures is focused toward creating technology solutions to meet the unique needs of this market segment.
4. Credit unions give members a stake in the company. When you join a credit union, you aren’t just a “client” like you are at the bank—you’re a member with an ownership stake. At EPL, we operate under the same philosophy. From the start, EPL has been owned by its credit union customers, including the League of Southeastern Credit Unions, ensuring that we always provide products and solutions that truly serve our credit unions’ needs.
5. The credit union movement is growing. According to the National Credit Union Administration, in Q2 2015, membership in federally-insured credit unions topped 101million, with three million new members since Q2 2014. An increased member base means an increased demand for core solutions that not only help retain current members, but also continue to attract new members as we move into 2016. At EPL, we’re growing rapidly too. Earlier this year, we had a multimillion dollar investment from Dedagroup NA, the North American subsidiary of the Italian IT services group, Dedagroup ICT Network. This has enabled us to continue to produce new, innovative solutions to meet member demand and exceed customer expectations.

The list goes on—simply put, we are honored to serve our credit union customers, and we thank you for being such wonderful partners. Today, and every day, we celebrate you. 

EPL Staff

EPL, Inc.