Moving our data processing to ESP was one of the best things we could have done for our credit union and our membership. We were with a large national vendor previously and found their lack of service and ‘ala carte pricing’ was significantly holding our credit union back from implementing the tools our members needed to continue to grow with us. The bottom line is if we’re not growing, we won’t be around.
As a small credit union, the core vendor relationship is by far the most important one for us. We desire more of a partnership with our core vendor and we have most certainly found that with ESP. After being on the system for more than a year, we have reduced our overall costs yet we were able to add many more services that our members were seeking such as a modern online banking system with a tight MX (Moneydesktop), e-statement, FutureAdvisor and mobile banking integration for starters. We were able to leap forward at least 10 years from a technology perspective. This year we also consolidated our credit card processing with ESP (from a big, national vendor) and again have realized some significant cost savings as well as real and tangible credit union and member benefits as well.
Our credit union also valued the ability to be heard and if we needed something changed or tweaked with the system, that someone would actually care and do something about it. If you’re a small credit union with a larger national vendor, you know how that scenario typically plays out. Our experience is that ESP is truly invested in our success and is genuinely interested in continually improving their product and helping us be successful vs. how much we can add to their bottom line.
If your core vendor is holding you back due to costs to implement tools your membership needs or lack of attention to your individual credit union needs, exploring what ESP has to offer would be a very wise move. Plus, they are local and that has some tangible benefits as well.
As an industry, we pride ourselves on differentiating ourselves from the large national banking institutions – we talk about the cost savings, more personal service and ‘buying local’ benefits among many other things. Yet when it comes to working with some of the large national core vendors in our industry, we often times don’t apply these same principles. Why not? Is overpaying for an outdated and inflexible product or vendor with less than responsive service the best use of your member’s money? We didn’t think so and couldn’t be happier with our decision to ‘buy local’.
Scott Prior, CEO
Connection CU in Silverdale, WA