2017 PAT Conference in Review - 5 Key Takeaways

Our Product Advisory Conference, which took place in Denver last month, gives us the opportunity to share new products and initiatives that demonstrate how we are staying on the cutting-edge of software development. It is also a platform for our customers to give feedback and acquire knowledge from their credit union peers. This year’s theme was “Evolve Constantly. Perform Exceptionally. Lead Boldly.” These three tenets represent the core of what we do at EPL as an industry-leading software development and services company.

While many great achievements were covered, new initiatives planned and wonderful experiences shared, we simply don’t have the space to recap it all here. So, here are EPL’s top five takeaways from what was surely the best conference yet!

1. Progress on the product roadmap. We were pleased to show substantial progress on our product roadmap, which will provide our customers with the solutions they need to remain competitive in the marketplace. Together with Dedagroup, we are developing innovative software solutions and unlocking new opportunities through partnerships with organizations like Juniper Payments, LLC. Our new, innovative General Ledger, robust Relationship Pricing package, new In-House Credit offering, CUe-Branch online and mobile banking upgrades, Teller Operational efficiencies, User Interface enhancements, OFAC/FinCEN and our new EPLOS lending solution are just a few examples of the latest and greatest things happening at EPL. We shared even more robust i-POWER® and proprietary solution updates, including a 188% increase in development!
2. Client responsiveness. We are actively listening to our clients’ needs and responding accordingly. We evolve our products and services constantly to meet the demands of our clients and the marketplace. EPL is dedicated to developing solutions that empower credit unions of all sizes with software that improves member experiences and drives real growth.
3. Culture of collaboration. We are focused on a culture of collaboration within EPL, as well as with our customers. The Product Advisory Conference provides a unique opportunity for credit union leaders to share ideas and gain new insights on what is working for them in the industry. By working with our partners at Dedagroup, we will continue to enhance our software, expand our services and create new efficiencies.
4. Security and compliance agility. We provided a security and compliance update that informed our customers how we are staying abreast of compliance issues in the industry, including the Credit Bureau Furnisher Data Reporting changes. We want our clients to know that we are anticipating industry shifts as well as security concerns by sharing key initiatives and actions we are taking to comply with industry regulations.
5. Position as a global company. Finally, we shared how we – EPL and Dedagroup – are driving a collaborative, inclusive, take-action culture. We are leveraging expertise from our organization and partners to develop comprehensive solutions for EPL’s clients. This effort spans across the globe, from our resources in the U.S. and Mexico to Italy. Along with our partners Dedagroup, Juniper Payments, LLC, we are accelerating the delivery of quality solutions.

EPL is excited about the positive impact we are making while serving our customers and their members. We look forward to continued collaboration as we develop software solutions that meet emerging needs and position ourselves for an extraordinary future together.

Robin Kolvek

CEO

EPL, Inc.

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.

Is it time to break up with your bank?

With Valentine’s Day on the horizon, people around the world are realizing just how in love they are – or, just how in love they are not. Such powerful emotions can sway individuals to make serious life decisions; decisions that may alter their future in a very real way. Of course, we’re talking about folks’ relationships with their bank.

In today’s analogy, your bank is your significant other (SO). Do you really trust your SO? Does your SO have your best interests at heart? Does your SO make you feel like you’re the most important thing in the world to them?

Perhaps instead, you’re feeling jaded; betrayed, even. Ready to stray. Abandon ship. If that’s true, then maybe it’s finally time to break up with your bank. The good news is that cupid’s arrow happens to be pointing straight toward your local credit union.

Here are just a few reasons why it might be time to call it quits with your bank and move on to a happier, healthier and more meaningful relationship with a credit union.

• Money, money, money – No one wants to spend their life paying for an absurdly expensive date, costing you more of your hard-earned money on as time goes on. Banks are notorious for hidden charges and fees, ranging from debit card usage fees to obscene overdraft charges to nonsensical ATM fees. On the other hand, credit unions will often pay you to use your card and, in some instances, even reimburse your ATM fees or forgive occasional overdraft mistakes. You want to spend your life with someone who truly cares about saving you money and invests in YOU, right?
•   Making big purchases is (slightly) easier – Buying a house or car can be overwhelming, so you want to partner with someone who is going to make it easier and help you make the right financial decisions for you. Mortgage APRs at credit unions and banks are very similar, but oftentimes credit unions will waive the origination fee, saving you thousands of dollars. Additionally, when it comes to car loans, banks’interest rates are usually slightly higher. 
• Credit unions care about others – Financial institutions in the credit union industry have a track record for going the extra mile and investing in their local or under-served communities. For example, in 2015 EPL partnered with the National Federation of Community Development Credit Unions 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.  
• You’ll be treated the right way – Credit unions have a reputation for providing exceptional customer service to their members, as they are owned and operated by the members themselves. Your experience matters. Because of this, credit unions recognize the value of spectacular customer service and creating a positive customer experience. Unlike banks, you  won’t be helped by a robot – you’ll be assisted by a real human being from start to finish. In fact, a recent survey showed that credit union customers rated their overall satisfaction at 87 percent – 13 percent higher than the highest rated bank.

These few reasons are just the tip of the iceberg. If you’re ready to break up with your bank and enter a new, satisfactory relationship, look no further than your local credit union – you won’t be let down.

Robin Kolvek

 

Senior VP of Business Development

 

EPL, Inc.

New Year, New Core

With the New Year comes new resolutions, intended to improve a variety of aspects of life in one way or another. While many associate New Year’s resolutions with the promise to live a healthier lifestyle or drop a bad habit, business owners tend to strive for less cliché goals intended to create long-lasting, positive effects for their company. These may include streamlining operations or achieving strategic growth goals. For credit unions, one such resolution should be to determine if it is the right time to integrate a new core solution and then to take action. 

A reoccurring phenomenon among credit unions is many never think the time is right to begin the process of conversion—so, what better time to make a move than with the start of a new year? Optimizing core functionality can be a key differentiator as you work to hit 2016 growth goals and reach benchmarks in your long-term strategic business plan. This process should be looked at as a solution—an opportunity to improve technology and service offerings, thereby improving the overall member experience for your credit union. To guarantee this process is seamless, you need to ensure both the core and the core provider are the right fit for your credit union, as a one-size-fits-all approach tends to generate inferior results and dissatisfaction.

To effectively begin the process, one of your credit union’s Q1 2016 goals must be to identify your specific needs. Whether your credit union is outpacing its current technology platform or your core provider’s service is lackluster, the motivators that are driving you to make a switch need to be noted and highlighted in your selection process for a new solution. For providers to work collaboratively with credit unions to generate an ideal solution, they must be able to identify how their core can meet the criteria you’ve outlined in your internal technology assessment. A tailored approach by a company that understands your credit union’s needs is a vital component to a successful conversion and leads to achieving your long-term objectives.

As our CEO, Wayne Benson, noted in a recent article in CUToday, “One of the most important questions your credit union must ask, and in turn core providers must answer, is what can we do to streamline the process? There are numerous considerations at play: data protection, compliance and regulatory issues, third party integrations, staff and member experience, customer service, and of course—architectural changes. A provider must factor in these and other variables to ensure inoperability issues are addressed, not created—an unfortunate byproduct of poor customer-vendor communication.”

The key in this process, and in your decision to convert in 2016, is to preserve the mindset of acting proactively rather than reactively. Changing in preparation for shifting member demand and technological evolution is a much more comfortable proposition than changing because one no longer has a choice. Innovation within the financial industry is already happening and will continue to improve, so don’t let the fear of change put you at the back of the pack.  

Cheers to a Happy New Year full of success and growth!


Robin Kolvek

Senior VP of Business Development

EPL, Inc.

Five reasons to give thanks for credit unions

Here at EPL, Inc., we love many things about Fall—the beauty of watching the seasons change, the cooler temperatures, rivalrous college football games, a chance to dress up in fun costumes for Halloween and the opportunity to express our gratitude for these gifts and more at Thanksgiving. This year, our team has been particularly fortunate.

2015 brought with it some incredible changes for EPL, ranging from a major investment from Dedagroup NA, to the return of a former client, the North Alabama Educators Credit Union (NAECU), to an exciting partnership with the Federation of Community Development Credit Unions to create a shared banking platform for credit unions operating in underserved communities.

However, none of this would have been possible if not for the institutions that drive us to be better; to always reach higher. I’m talking, of course, about our credit union customers. We realize that sometimes it can be easy to get lost in a big project or stuck down in the weeds on any given day, but when it comes to the big picture, we wouldn’t be here without you. More importantly, many communities would be left behind without access to the financial tools and services that credit unions are able to provide. In our minds, credit unions are the embodiment and modern realization of the idyllic “by the people, for the people” institution. 

For that and so much more, everyone at EPL is grateful to you, our credit union customers. In honor of the upcoming Thanksgiving holiday, we’ve compiled our top five reasons everyone should give thanks for their local credit union:

1.  Credit unions have the lowest fees and best rates. MyCreditUnion.gov defines credit unions as “not-for-profit organizations that exist to serve their members rather than to maximize corporate profits.” The truly wonderful thing about this is that credit unions are able to offer many of the same services as big banks (e.g. loans, deposits, etc.) without operating from a profit-driven position. That translates to lower interest rates and fees motivated by a desire to provide what’s best for the member, as opposed to the bottom line. We like that. A lot.
2. Credit unions are member-owned and operated. As soon as you make a deposit, you become a card-carrying member and are granted voting rights along with surplus income returned in the form of dividends. This cooperative structure keeps the power in the hands of the credit union members, rather than with those most affected by a stock ticker’s fluxuations.  
3. Credit unions put service first. The allure for many to credit unions is the first-rate service the industry is best known for. What does first-rate service look like? First of all, you get to connect with a real human being! Second, any problems will be resolved. Quickly. By a real person. Third, you will be provided with information that best serves you, not an employee’s monthly quota. Lastly, you’ll be met with a smile and a friendly face because most credit union employees are as happy to be there as you are.
4. Credit unions support community development. No, we don’t mean they’ll sponsor a timeout for your city’s favorite sports team. What we mean is that they’ll go out of their way to offer financial literacy training and resources to those who would otherwise not have access. Credit unions will also work to promote social and economic justice by reaching out to low-income, rural and at-risk populations. Additionally, as nonprofit entities, credit unions will often give their profits back to students or other nonprofit organizations through various grants and scholarships.
5. Credit unions don’t actively discriminate against borrowers with poor or nonexistent credit history. There are exceptions, but credit unions are much more likely to work with consumers or companies experiencing credit issues than other financial institutions. For example, if you have bad credit or need to build credit, it’s extremely hard to get a credit card with reasonable terms from the big banks. Credit unions are often able to provide credit cards with lower APRs and fees to this borrower base, and will also be more likely to issue them auto or small business loans.

Happy Thanksgiving from all of us at EPL! We are grateful to our customers and partners for the opportunity to work together. 

Robin Kolvek

Senior VP of Business Development

EPL, Inc.