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Future of network biz design a topic at NACUSO meeting
NEWPORT BEACH, Calif. (5/14/08)--Industry experts discussed ways that credit unions can use network business design in a panel session at the National Association of Credit Union Service Organizations (NACUSO) 2008 Annual Conference in Las Vegas April 30. Credit unions can use network business designs to re-engineer their operations, said Randy Karnes, CEO of CU*Answers. Karnes’ presentation, “Will Network Business Design Capture the Imagination of Future Credit Union Leaders?” focused on networking through models like Google or Facebook, and how credit unions and credit union service organizations (CUSOs) could eventually start their own network. “We think there is more to this than simply marketing to consumers,” he said. “We believe it can work for every CUSO, and we believe it can work for every CUSO’s business plan. It will set an example for the entire credit union industry.” CUSOs could be at the “hub” of the network wheel, with the central hub surrounded by credit union satellites. The advantage would be that all credit unions and CUSOs in the network could see one another and transact together, Karnes added. Credit unions and CUSOs must collaborate with less talk and more implementation of solutions for credit unions and their members, said a panel of experts including Dave Serlo, president/CEO, PSCU Financial Services; Stan Hollen, president/CEO, CO-OP Financial Services, and Thomas Davis, NACUSO president. Leaders must define an industry model, and CUSOs must create their own business plans, including contracts and prices, to reduce collaborative barriers, the panel said. CUSOs proving their value through actions, sharing and ownership is a realistic way to reduce barriers ad challenge credit union leaders to collaborate more, said the panel.


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