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CU System
Members United Corporate to spin off CUSO
WARRENVILLE, Ill. (5/13/09)--Nextworks LLC, a credit union service organization (CUSO) initially seeded by Members United Corporate FCU, will spin off from the corporate and is currently seeking funding from credit unions. Since the formation of Members United’s innovation department in 2006, the group now called Nextworks “exists to bring a competitive advantage to credit unions through a refined process and a strategic approach to innovation,” said Charlie White, the corporate’s former chief innovation officer and Nextworks’ president. “The corporate continues to explore cost-cutting measures, and it made sense for our department to morph into a CUSO,” he added. “Innovation is incredibly valuable to credit unions, and we want to focus resources in a manner that will generate value for them.” White’s team has a number of projects in the innovation queue, most notably “Modoh,” a solution to help credit unions attract and retain younger members. It offers an interactive environment to help young members learn about responsible spending, saving, charitable donations and credit. It features an immersive financial simulation game, and a youth card program to reinforce financial concepts and independence. Also, Modoh can help a credit union establish a comprehensive brand that appeals to the younger demographic. Nextworks is releasing Modoh this spring. Nextworks’s process ties strategy to market changes and provides dedicated resources that reduce the risks of product development through a shared funding pool. “This down cycle is the perfect time to leverage a small investment in the future,” White said. Nextworks is seeking ownership funding. The CUSO is capitalized through June 30, and then will rely on capital funding from member credit unions to operate.


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