BY WAYNE BENSON
How are CUSOs staying competitive in the face of today’s rapid technological evolution? EPL, Inc. serves as a fitting case study of how one credit union service organization is staying ahead of the curve to secure its market position. Learn how constant innovation has helped the CUSO continue to serve its customers.
It’s no secret that credit unions are in a constant battle to meet the rising demands the industry faces today–increased regulation, higher costs, competitive pressure, succession plans, and the list goes on.What is particularly troublesome is that every market forecast ultimately yields the same results:membership is projected to increase while the actual number of credit unions remains on a steady decline. How do credit unions keep pace with the ever-changing industry?Simple–by maintaining the personalized, high level of service that credit union members have come to expect as they continue to move away from the big banks in droves. The CUSOs that empower credit unions to deliver first-rate member service are an integral part of the growth of the credit union movement world wide and, not surprisingly, must also fight to stay competitive as the technology landscape rapidly evolves.
EPL,Inc.(EPL) is one such credit union service organization. Founded in Birmingham, Ala. in 1977, EPL began under the name Electronic Processors Limited and was started by Timeshare, a local data center, and several credit unions, including America’s First Federal Credit Union and Legacy Credit Union. Led by then president Robert Altman, EPL grew rapidly and was sold in 1988 to Norrell Financial, a division of Norrell Corporation. Just one year later,EPL was again repurchased by four credit unions, including the League of Southeastern Credit Unions.