ST. CLOUD, Minn. – Great River FCU here says it expects to save approximately $10,000 per month in data processing costs following its move to the core solution offered by CUProdigy. The $178-million Great River FCU plans to complete its conversion in early 2020.
That $10,000 a month in savings represents an “employee or two,” according to Great River CEO Brant Hicks. “Plus, the CUProdigy system is so much more efficient than we have now, our people will be more productive.”
According to Hicks, cost was not the only factor Great River FCU looked to when choosing a new core processor, saying what also helped to close the deal was CUProdigy’s CUSO structure and transparent pricing model.
“Their corporate values are in line with ours,” said Hicks. “I felt like they really understand credit unions, and we felt it was important to work with a tech provider that treats us the same way we treat our members,” he said.
But pricing remains critical said Hicks, noting, for instance, if a report is needed CUProdigy doesn’t charge a fee and also consults with the CU to ensure the report fits the credit union’s needs.
$1 Per Member, Per Month
Moreover, Hicks praised CUProdigy’s $1 per member per month pricing, which includes all available core modules without any extra charge.
“Our current monthly invoice is six to seven pages long,” Hicks said. “When I was doing due-diligence I reached out to other CUProdigy credit unions and one CEO took a photo of his invoice with his phone and sent it to me. It was only one line item.”
Hicks added Great River also selected Layton, Utah-based CUProdigy because, even though the core provider offers inclusive modules, the CUSO didn’t pressure the credit union to use them or any specific third parties.
“They told us which ones they thought would work well for us and let us choose,” he said. “And their preferred vendors all provided fully transparent pricing and had been vetted to bring the same cooperative philosophy to the table.
‘Really Listen to Feedback’
“Once we began learning more about CUProdigy, we realized they have the latest and greatest technology, just like the larger and well-known core brands,” he continued. “Except they’re a CUSO and really listen to feedback from their member credit unions regarding which enhancements should be developed in the future. We didn’t get anything like that with our current vendor.”
Great River plans to deploy the $10,000 in savings on its core solution by increasing its marketing budget to grow market share and attract new members.
“With our team members spending less time on processing tasks, they’ll be able to talk to members and find out exactly what we can do to enrich their financial lives,” he said.
For info: www.cuprodigy.com.