Company news
Datava and Prodigy join forces to streamline the 5300 CALL Report process for Credit Unions February 2023
Datava and Prodigy join forces to streamline the 5300 CALL Report process for Credit Unions Wheat Ridge, Colorado | Salt Lake City, Utah. – Thursday, Feb 22nd, 2023— Datava, a leading platform for member relationship management and business intelligence tools, and CU Prodigy, a modern and comprehensive core and cloud CUSO, are pleased to announce they have entered into another exciting strategic collaboration to launch the 5300 Consolidated Report of Condition and Income (CALL) Reporting Module. The new module will allow credit unions to automate and streamline their required quarterly reporting process for regulators. These reports are time consuming, and many credit unions are still doing the work manually. The new module will significantly increase employee productivity, decrease human error, and free up time that could be focused on other essential tasks. This is a win-win for credit unions and regulatory authorities alike as the 5300 CALL report process becomes simplified, efficient, and automated. It will also provide a further invaluable benefit to credit unions by offering them a high-level overview of what’s happening within their organization. Datava and Prodigy will be unveiling the 5300 CALL Report Module at this year’s NACUSO Network Conference happening March 27-30th in Las Vegas. “We are thrilled that this new partnership with Prodigy will be bringing tremendous benefits to credit unions nationwide,” Gordon Flammer, CEO of Datava, said. “We are currently collaborating really well with Prodigy on several other credit union focused projects, and this joint venture continues that trend.” CU Prodigy CEO Amber Harsin stated, “Working with Datava has created value for credit unions on CU Prodigy’s platforms. This latest venture is an extension of that value and continues to prove that CUSO partnerships with credit unions create elegant solutions built by and for the credit union movement.” A Lesson from the FRIENDLY Skies: Are Legacy Systems Grounding your credit union technology? February 2023
Last week, the Senate held hearings on the Southwest Airlines debacle that left holiday travelers feeling less than merry. The airline ended up showing extra luv to nearly 300,000 passengers in the form of reimbursements, according to The Washington Post. The disruption was caused by antiquated staff scheduling software. A few weeks later the FAA had to halt flights for 90 minutes while the pilot notification system – one that alerts pilots to runway closures and airspace restrictions – suffered an outage, The New York Times reported. Outdated technology was reportedly to blame. Two major travel snafus in just a short period of time, creating big headlines and headaches. Both tied to critical technologies that had been patched and band-aided far beyond their expected lifetimes. As consumers, these are the minutiae of businesses we rely on every day that we assume are being taken care of, if we think about them at all. Banking might not be any different. Credit union members don’t consider the intricacies of the integrations required for them to pull money out of an ATM or Zelle their friend their share of last night’s pizza money; they just want to move their money. But if these systems don’t integrate as they should or the code is left to gather dust, can you imagine the backlash? For example, the technology credit unions’ connections with the Federal Reserve System run on are more than 50 years old. It’s had a facelift or two overtime, but it is essentially the same technology from the 1970s. Food for thought, which our friends at the Mitchell Stankovic Underground Collision: Shattered will be chewing on. Our CEO, Amber Harsin, will be serving on the panel, so we hope you’ll join us! Credit Union Technology Credit unions cannot control what the Fed does with its technology. What we can control is our credit union technology. Your core processor is at the heart of that, so you can’t leave your credit union technology to just anyone. Here are some key considerations to keep in mind:
Your credit union deserves advanced, member-centric, secure private cloud technologies that deliver efficiencies, member service and the security you need. When you’re ready, join CU Prodigy up here in the cloud – laying the credit union technology groundwork for tomorrow’s members today. |
Credit Union Tech Partner or Vendor? Here’s How You Know. March 2023
Some credit unions just want to buy ‘the thing’ and be left alone to manage it on their own. And that’s ok. Others might need a little help along the way, and that’s fine, too. Both have their value, but if you’re in the latter group, how do you know if you’re buying a product or service or if you’re investing in a partnership? Here’s how you can tell: Keeps on top of trends and technologies to implement. First and foremost, when you’re seeking a company to help with your credit union technology, be sure it’s one that can help you serve your members now and into the future. Did you know that of about 50 core processors on the market, fewer than five run on technology that’s newer than 30 years old?! That means a patchwork of Band-Aids and barb wire that can fall apart at any minute. Remember the FAA and Southwest tech breakdowns from earlier this year? That’s exactly what happened to them. Pick tech companies that are built on modern code, play well with others and won’t leave your members grounded. Read last month’s blog below, A Lesson From the Friendly Skies. Wields a good reputation and references. Talk with a network of credit unions that are similarly situated to yours. Who are they using? What are the pros and cons? Look beyond those who use the big names and see what companies are out there that have great tech without the flashy marketing budgets. Ask your prospective credit union technology partners for references, too. You might just find a hidden gem. Listens to your objectives to ensure the company can help to solve them. When you’re looking for a partner, pay attention to how they treat your credit union through the initial process. Are they pushing software on you, or are they listening to your needs and actually working with your credit union to solve them? Makes key team members accessible. If you select this tech firm, will you be filing tickets into the ether, or will your credit union have a responsive team behind you? Have them walk you through their service methods. First, getting that response is crucial, but hearing from the people who can actually provide a solution to your issue is just as critical. Getting an automated email or someone who’s following the basics from a ‘tech for dummies’ manual won’t cut it when services to your members is down. Builds tech that’s reliable. The availability of your technology is paramount for today’s member service, so ask about the frequency and length of downtimes. Discover the business continuity and disaster recovery plans for any tech company you might use. One expert shared that most credit unions don’t even have access to their tech partners’ disaster recovery plans. Red Flag! Shares their actual pricing. Some companies will wave big signing bonuses in front of credit union executives, which they can then apply to updates and services as needed. The thing about these deals is 1) it demonstrates they’re expecting added expenses, and 2) it clouds the actual value credit unions are getting for using these companies. The big guys are typically the ones making these offers, and they are not doing it out of the goodness of their hearts – it’s figured into your credit union’s pricing from the start. Prodigy is a Core and Cloud CUSO, providing unprecedented freedom and flexibility for progressive, mission-focused credit unions that want to own their technological destiny. Several credit unions just like yours banded together with a vision of collaboration and shared common values to ensure accessible, affordable technology for credit unions, regardless of their size. Our clients value the support and service we provide, from educational webinars to tweaking some code to give them a little something special. Prodigy is a native browser based, cloud centered core platform that is beautifully designed and simple to use. Our network is an open architecture ecosystem where credit unions can own their future and the systems they choose to operate. And we’re happy to help guide you through that process as well. Our business model is just like yours; we’re not out to make a buck, but to make a difference. Our credit unions receive access to highly skilled experts managing and maintaining your credit union’s tech a security at a fraction of the cost – and with easy-to-understand pricing. Let’s talk tech. Columbine FCU's Wickes Earns CUProdigy Scholarship to CUNA GAC
January 2023
Tina Wickes, vice president of lending for $68.5 million Columbine Federal Credit Union, is super excited to join the throngs of credit union leaders heading to CUNA’s Governmental Affairs Conference, Feb. 26 – March 2, in Washington, D.C. Her participation was only made possibly through a scholarship from CU Prodigy, the leading cloud-based, open architecture core processor CUSO. “I’m excited to finally be able to go and meet people in person for the first time,” Wickes, a 13-year credit union veteran, said. “I’d like a better understanding of how much the political landscape affects the credit union movement and our credit union. Small changes can have a huge impact on how we serve our members.” CU Prodigy announced its scholarship program late last year that will send one credit union employee to GAC, Credit Union Development Educators Certification with the National Credit Union Foundation, and one year of Western CUNA Management School. The CUDE Scholarship opportunity opened for applications on Jan. 23, and WCMS will be open for applications later in 2023. “We are not just another core processor – we live and breathe the credit union and CUSO philosophy,” CU Prodigy CEO Amber Harsin explained. “We operate according to the 8 cooperative principles, the fifth of which is education, training and information. We do all we can to ensure the prosperity of credit unions and their leaders, which is why we started this scholarship program. We’re so excited to see Tina at GAC this year!” Smaller credit unions are resource strapped, so their leadership often has to miss out on crucial educational and networking opportunities. CU Prodigy believes keeping our up-and-coming leaders engaged and informed is critical to the future of the movement. This CUSO puts its money where its mouth is. “I would not have been able to go without the scholarship from CU Prodigy,” Wickes said. “Credit union advocacy and education regarding compliance will continue to be important for all of us in the credit union movement. By attending this conference, I will be able to gain insight and exposure through the various breakout sessions and communicating with lawmakers about how our economy and politics impact credit unions across the country.” |
CU Prodigy and Datava Partner for Immediate, Actionable Insights for Credit Unions |
Highest Rated Core Processors for CU's Between $250-500m |
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October 2022
CU Prodigy and Datava announced a new strategic alliance to incorporate the two CUSOs’ best-in-class technologies that will modernize how their credit union clients access, analyze and act from their data during CU Prodigy’s Unite 2022 users conference. Colorado-based Datava will incorporate its CRM and data analytics platform into CU Prodigy’s core offerings. Attendees of Unite got a first-hand glimpse into what will be possible for them to achieve through the partnership during the event, providing real-time feedback to map out credit unions’ objectives and identify the most useful elements of the platform. “Nothing beats in-person, real-time brainstorming and solution building!” CU Prodigy CEO Amber Harsin said. “Our clients were very excited to experience the live introduction to Datava’s platform and how it could integrate with CU Prodigy’s core system for a seamless, efficient and comprehensive view of their membership. Our theme and aim for the event were to help our credit unions Level Up, and I think we were successful.” “It was wonderful to be able to collaborate during CU Prodigy’s Unite 2022 user conference with so many cutting-edge leaders in the credit union industry. We are especially thrilled to continue evolving our partnership with CU Prodigy with this new strategic alliance.” Gordon Flammer, CEO of Datava shared “Together, working as a team, we can unlock the full potential of Datava’s Member Relationship Management (MRM) and Business Intelligence (BI) platform and CU Prodigy’s core system to continue to place credit unions on the best path for success and at the forefront in building, maintaining and expanding strong member relationships.” Anchored in education, the CU Prodigy Unite 2022 agenda was rich with credit union success stories and knowledge exchange. Attendees were immersed in credit union stories that ran the gamut, from Lookout Credit Union’s journey toward building award-winning brands to the ups and downs of becoming a certified Community Development Financial Institution with Point West CU and Clarity CU to Lonestar CU’s repurposing of branches to meet the needs of its newly hybrid workforce and digital needs of members. CU Prodigy also announced it would significantly increase its investment in scholarships to send credit union professionals to various educational opportunities, including CU Development Educator training by the National Credit Union Foundation, Western CUNA Management School and CUNA’s Governmental Affairs Conference in 2023. Prior to the announcement at the event, the CUSO already provides scholarships toward project hours and implementation fees for credit unions on its platform. Harsin added, “We wanted to look at how as a network we could Level Up our focus and lean into the cooperative principles that we anchor in to serve our credit unions, partners and ultimately the communities served by the credit unions that leverage our technology.” That lens guided every step of the planning for CU Prodigy’s Unite 2022, starting with our location at Wasatch Peaks Credit Union’s newly remodeled Education Center in Ogden, Utah. The modern core processing CUSO is deeply invested in contributing beyond technology to the health of the movement, guided by the cooperative principles of Education and Concern for Community. “Investing in the current and future leadership of the credit union movement will help us bolster its survival, and we are proud to be able to help in any way we can,” Harsin concluded. |
September 2022
Selecting a credit union core processor is one of the most important decisions any institution faces. The choice of a back-end technology system impacts a credit union’s entire operation, from its current ability to facilitate financial interactions to shaping its future trajectory. To aid in this decision-making process, CUCollaborate has compiled a proprietary database (VendorFi) available to subscribers on all credit union core processor systems and their clients throughout the industry. VendorFI tracks which systems are the most-implemented by credit unions across different asset classes and collects reviews highlighting the strengths and weaknesses of each core. In this article, we will examine mid-size credit unions and look specifically at which core processors are the highest rated according to CUCollaborate users within the $250–$500 million asset range. (Note: for these rankings, a core processor must have at least five credit union clients within the asset class to qualify) 1) CUProdigy (Rating within asset range: 5.44/6)The CUProdigy core processor is one of the lesser-implemented systems across the credit union industry, with only 19 clients overall. The majority of these clients (six) fall within the $250–500 million size range and together they have rated the core best overall for the asset class. Overall, the core system serves credit unions ranging in size from as large as $541.4 million to as small as $7.2 million in assets. Additional data: The average assets of the six credit unions using the CUProdigy core processor within this size range is $334.4 million. The average asset holding for all 19 credit unions using the core is $176.7 million, while the average membership of these institutions is 12,580. Strengths: The CUProdigy core processor was rated particularly well for its research and development capabilities, along with the availability of third party integrations and willingness to work with third parties. 2) Corelation Inc. - KeyStone (Rating within asset range: 4.94/6)The KeyStone core processor from Correlation has 79 clients across the credit union industry ranging from as large as $8.2 billion in assets to as low as $3.5 million, with essentially a quarter (20) of these belonging to the $250-500 million group. Additional data: The average assets of the 20 credit unions using the KeyStone core processor within this size range is $354.1 million. The average asset holding for all 79 clients using the core is $710.5 million, and the average membership of these credit unions is 47,734. Strengths: The KeyStone core processor scored highly for its native application integration, the interoperability of third party integrations and willingness to work with third parties. Purchase CUCollaborate's proprietary core processor data set for a complete vendor profile of every credit union in the industry. 3) Jack Henry™ – Symitar® (Rating within asset range: 4.85/6)The Symitar core processor serves by far the most credit unions within the $250–500 million range, with 96 of its 493 clients belonging to the asset class. Overall, the core serves institutions ranging from as large as $27 billion to as small as $3.3 million in assets. Additional data: The average assets of the 96 credit unions using the Symitar core processor within this asset class is $367.3 million. The average asset holding for all 493 clients using the system is $1.3 billion, and the average membership of these credit unions is 76,798. Strengths: User reviews noted the availability and interoperability of third party integrations, as well as the willingness to work with third parties as overall positives of the Symitar core processor. 4) Fiserv - DataSafe (Rating within asset range: 4.83/6)The DataSafe core processor from Fiserv is used by 22 credit unions within the $250–500 million range and by a total of 149 across the entire industry. Altogether, these clients range from as large as $18.3 billion to as small as $2.2 million in assets. Additional data: The average assets of the 22 credit unions using the DataSafe core processor within this size range is $375.9 million. The average asset size of all 149 credit unions using the core is $615.4 million; the average membership of these credit unions is 39,278. Strengths: The DataSafe core processor was rated slightly above-average by users for its disaster recovery and business continuity capabilities. 5) Fiserv - Portico (Rating within asset range: 4.53/6)Another Fiserv system, the Portico core processor, rounds out the top five within the asset class. The system is used by 27 clients in the $250–500 million range and 322 credit unions overall. The core's largest credit union client has $3.8 billion in assets, while the smallest has $611.1K. Additional data: The average asset holdings of the 27 credit unions using the Portico core processor within this size range is $321.8 million. The average asset size of all 322 credit unions using the core is $131.3 million, and the average membership of these credit unions is 9,537. Strengths: The Portico core processor's architecture, reporting and information management, and support services were all noted by users as slightly above-average. The Selection ProcessSelecting a new core data processor is one of the most important decisions facing a credit union. The right choice can bring major benefits, however it can also be complicated and time-consuming. At CUCollaborate, we collect and provide both quantitative and qualitative data to help you through this process. Contact us today to learn about our Core Data Processor Evaluation and Consulting Services, or click below to meet directly with our Managing Director and technology expert for an assessment for your credit union. |
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$10,000 per month: CUprodigy core savings for $178M CUDecember 2018
"Their corporate values are in line with ours. I felt like they really understood credit unions, and we felt it was important to work with a tech provider that treats us the same way we treat our members" said Brant Hicks, CEO...Read more |
NAFCU Services selects CUPRODIGY FOR PREFERRED PROGRAM FOR COREJune 2018
We couldn't be more enthusiastic about this partnership, and are confident that CUProdigy will provide considerable benefit to our members," said Randy Salser, President of NAFCU Services Corporation... Read more |
FOR $167M CREDIT UNION
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$146M CREDIT UNION REMOVED MAJOR
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NACUSO RECOGNIZES EXCELLENCE IN COLLABORATION FOR 2018April 2018
"We had so many great nominees for awards this year that we added a runner-up to the CUSO of the Year category," said Jack Antonini, President/CEO of NACUSO... Read more |
"we were running on a very antiquated system"April 2018
NIFCU was running ATMs and online banking in batches because of traditional module-based pricing. Rather than buy an expensive module, they got a modern core instead... Read more |
"CUPRODIGY's pricing is insane," said THE CEO nick jensen...March 2018
“Our current system is very cumbersome,” Jensen said, “plus we’re running it in-house. That means disaster recovery could present a major problem.”... Read more |
GREAT MEADOW FCU CONVERTING
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$200MM Edwards FCU SIGNS for
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CUPRODIGY AND EDOCS
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SNOCOPE REPORTING $100K PER
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BRIDGING THE GAP
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NEW CORE INCREASES SERVICES
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CUPRODIGY BEGINS MOVE OF
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