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PSCU Financial Services forum outlines growth strategies
ST. PETERSBURG, Fla. (4/17/09)--PSCU Financial Services will offer preferential relationship pricing to credit unions that sign a binding letter of intent to move their business to the cooperative within 36 months, announced President/CEO David Serlo, at the credit union service organization's (CUSO) 2009 Member Forum.
PSCU Financial Services President/CEO David Serlo discusses products and services that can be part of a credit union's growth strategy at its 2009 Member Forum. (Photo provided by PSCU Financial Services)
"We will give credit unions the benefit of discounted pricing even though they are using a competitive platform to fulfill existing contracts for up to three years," he said. While cutting costs is important, Serlo emphasized this tactic isn't enough to overcome the existing economic hole. "Credit unions need to leverage the scalability of their partnership with PSCU Financial Services and other industry cooperatives, and employ strategies specifically designed to promote growth." He discussed several PSCU Financial programs:
* Its Contact Center, which can generate revenue, cross-sell products and services, and provide the kind of 24/7 support that generates member loyalty, Serlo said. * Its AdvisorsPlus consultants, which can help credit unions boost activation and use rates. Serlo noted that credit unions using the consulting service expanded use of their credit portfolios the past 18 months between 20% and more than 50%. * Risk management services, which help credit unions expand debit and credit platforms without undue risk, he said. "Over the past three years, fraud chargeoffs are just 3.5 cents per $100 in sales for members, compared to the national average of 6.5 cents," Serlo said.
Other growth strategies should include targeting and building relationships with Generation Y consumers and small business owners. PSCU Financial has introduced a product portfolio aimed at small business owners, and it equips credit unions to attract young adults through a private student loan CUSO and a mobile banking platform. PSCU Financial Services, based in St. Petersburg, Fla., serves more than 1,300 financial institutions nationwide. It is owned by more than 600 member credit unions, representing more than 13 million accounts and 822,000 subscribers. Its Contact Centers handle more than 16 million inquiries a year.

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