As I’m headed out on the road to facilitate an annual CUSO conference, and having just returned from a really exciting and vibrant credit fnion event with Filene Research, I’m hoping this message doesn’t get lost in all the holiday happenings.
I’m excited that we were recently interviewed by CU Broadcast. I’ve included a link to a short introduction video on CU Sol, LLC – A multi-owned CUSO developed and funded with the purpose of researching, developing, and actually implementing products and services needed by a large segment of the credit union marketplace. We are also not averse at all to serving banks and finance companies as collaborative partners. There’s plenty of room in the marketplace for all of us to operate, and there are a lot of synergies and economies of scale in aggregating and collaborating across industries and markets (Heck, we all know the results of Wells, Chase, and AmeriCredit’s collaboration and aggregation regarding the formation of DealerTrack).
The following video explains CU Sol’s strategies and opportunities
If you are reading this as a credit union executive, you owe it to yourself to learn more about CU Sol, and to learn how being part of something bigger than any one of us, providing your input and experience, and aggregating resources allows you to accomplish more – more cost-effectively, and with less resources. There are plenty of great CUSO success stories in the marketplace made possible by participation from multiple credit unions and industry partners.
An investment in CU Sol, however you make that investment, is an investment in yourself – whether it’s taking time to better understand what we are doing so that you can see how we may fit into your strategic plans, actually utilizing a product or two, or making an equity investment into the CUSO as an owner. Taking a few minutes to learn about CU Sol and the possibilities it presents puts you in a place to make an informed decision about whether participating (as a service user or investor) in a multi-owned CUSO is right for you. If you are not aware of the opportunities, you can’t take advantage of the potential positive impact on your institution.
If your 2020 strategic objectives run anywhere in the following directions, we can help:
- Increase loan origination, yield, portfolio – focused on automation and quality
- Implement multi-channel loan programs – online, point of sale, refinance
- Increase/grow membership – capture existing members and add new, quality members
- Increased bottom line income – product penetration and cost reductions
- Capturing existing and new members at point of sale
- CECL and portfolio analysis – the best in the business
- Data analytics/AI – a cost-effective, aggregated, alternative model
- Loan Participation – buy or sell
- Increasing operational efficiency – outsourcing
- Increase penetration/share in your marketplace and with existing members
- Replace payday lenders – small-dollar payday loan alternatives
- Community development and recognition – helping victims of domestic violence
If the things you need to do aren’t on the list above, that’s all the more reason to get involved – chances are, other credit unions and financial institutions need it, and we are here to help develop those products.
If you are a true collaborator, a doer and not just a talker, and you have a passion for the industry, CU Sol is not only an opportunity for your voice to truly be heard, but an opportunity to translate your teams’ ideas and concepts into actionable, profitable opportunities on both sides of the fence. You benefit as a user or an owner of CUSO products and services from the long-term stability, success, sustainability, and profitability of the CUSO.
Especially for credit unions and credit union-affiliated entities (CUSOs, leagues and associations, corporates), CU Sol acts as an aggregator and facilitator of resources, with a laser focus on implementing products and services that are good for credit unions and the industry. We don’t just talk about what is needed – we are focused on doing it! And that ultimately sustains CU Sol as well as our partners and clients for the years to come.
Make 2020 the year that you get out of the box. At least become fully informed of the opportunities in the marketplace. It is becoming increasingly difficult for any one institution, regardless of size, to do everything they want to in any given business plan year.
An observation that I have made of credit unions over the years, and that I certainly experienced as a CEO, is that “individually, you can do anything, you just can’t do everything!” By working together and pooling resources and ideas through aggregation and collaboration, perhaps we can do everything!
Have a great holiday – I hope this motivates a few of you to reach out and explore the opportunities and possibilities of working with CU Sol, LLC, a truly collaborative CUSO, to meet your 2020 goals and beyond.
You can reach me, Walt Agius, CEO, at 505-342-8910 or via the contact form below.