GRAND RAPIDS, Mich. (9/18/14)--CU*Answers, a credit union service organization based in Grand Rapids, Mich., reported stockholder growth has increased and the release of a new patronage comparison dashboard.
The core processor to 200 credit unions nationwide also announced a "Cost of Compliance" contest.
CU*Answers added eight new stockowners during the 2014 business year. In the last five years, the 100% credit union-owned core processor has added more than 50 new owners, matching the number of owners added in the 10 years prior. In that same five-year period, the price of new stock ownership has increased by $100,000. CU*Answers currently has 126 credit union owners.
CU*Answers also recently introduced a new patronage comparison dashboard, which allows credit unions to instantly compare the participation of two specific segments of the credit union membership, narrowed down any number of ways.
Population segments can be defined by the type of membership, reason for joining the credit union, gender, age range, tiered service level and balance range, then compared side-by-side on account activity and products used.
The tool allows credit unions to better align future marketing campaigns with products and services, CU*Answers said.
The CU*Answers "Cost of Compliance" contest is sponsored by its compliance division, AuditLink. Open to all credit union CEOs and chief financial officers, the contest asks participants to create a template that provides a standard way of calculating the cost of compliance.
The template should list the costs of compliance and provide a way of tracking the costs. Participants are also asked to provide an implementation plan for their standard of calculating the cost of compliance.
Submissions are due Oct. 15. Contest winners will be announced at CU*Answers CEO Strategies conference in November. The first-prize winner will receive $2,500, the second-prize winner will be awarded $1,500, and $1,000 will go to the third-prize winner.