Fagan: We are in the people-helping-people business
PSCU president/CEO provides an update on the company's initiatives.
Chuck Fagan, president/CEO of PSCU, provided an update on the credit union service organization’s leading initiatives during his opening remarks at the PSCU Member Forum in Austin, Texas, Wednesday.
Among the updates:
► Lumin Digital. PSCU formed Lumin Digital, a cloud-based digital platform, in April 2018. The first implementation of the platform will go live this spring.
“In one year, we feel we’ve redefined the digital banking experience for the member,” Fagan says. “It helps expand member engagement and creates a personalized journey for the member.”
► CU Recovery. PSCU acquired CU Recovery, a full-service collections agency, in February 2018. The acquisition allowed PSCU to expand from 30-, 60-, and 90-day credit card collections to all loan types.
“The fully integrated collections experience into PSCU is significant because it allows us to align a risk management strategy with you and ease the burden of collections,” Fagan says. “We’re maintaining and expanding our staff, so it’s taking hold.”
► Jack Henry and First Data partnership. In May 2017, PSCU partnered with Jack Henry and First Data through a credit and debit card processing agreement.
Fagan says the agreement has helped PSCU to onboard more than 3.5 million accounts, in comparison with 1 million accounts in a typical year previously. During one weekend in February alone, PSCU onboardeded 1.2 million accounts.
“We feel we are on the No. 1 processing system in the world, and you see that in a numeric sense,” Fagan says. “It allows us to reinvest further on our solutions development, focused on collaboration, which benefits the long-term success of you, our owners.”
► Fraud solutions. Through its continued investment in fraud prevention tools, PSCU stopped $210 million in potential fraud for its members in 2018 by blocking fraud at the point-of-sale, in the call center, and online, Fagan says.
► Advisors Plus. The PSCU team helps credit unions build and manage their credit card portfolios. Credit unions that work with Advisors Plus have 5.9 times balance growth and 1.5 times transactions growth, Fagan says. “The whole idea is if you grow smart, we grow,” he says.
Based on this success, Fagan expects PSCU will achieve 13% to 14% revenue growth in 2020. That will allow PSCU to make further investments, build scale, and create internal efficiencies.
“We’re in the people-helping-people business, and we won’t lose sight of that,” he says.
PSCU is a CUNA associate business member at the premier level.