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From the CEO - What was new in 2016?

From the CEO
December 30, 2016

Dear members:

I’d like to take a moment during this holiday season’s hustle and bustle to share some of the progress Corporate One has made this year. Thanks to the ongoing support of our members, Corporate One had a strong year financially and continues to perform well while providing essential liquidity options, settlement services, and mobile/digital solutions to our members/owners.

As of November 30, we have recognized $8.7 million in net income, thanks to our strong business model and due in part to the success of many of our strategic initiatives, including mobile/digital solutions, member engagement, and the growth of our CUSOs. In addition, we have added $9.2 million to our retained earnings, which now exceed $69.1 million and remain above the minimum requirement per NCUA regulation.

Many of our 2016 strategic initiatives will continue into 2017, and I’m excited to review just a few notable highlights with you so you understand where we have focused our efforts and where we are headed in the future.

Leveraging mobile/digital strategies with MAX

In 2016, 20 credit unions signed up to use MAX. We’ve heard that credit unions are impressed with the innovation associated with this holistic digital solution, which features Gro Account Opening and ClickSWITCH, and they look forward to leveraging the platform to acquire new members and drive profitability with existing members.

One of our goals when we launched MAX was to offer a solution that spanned the needs of credit unions of every size, no matter where they are in their mobile/digital journeys. Thanks to MAX’s flexibility and potential for profitability, we are finding this solution does in fact meet the diverse needs of our membership.

Implementing technological advances

This summer we kicked off a number of projects designed to strengthen our organization and harden our technological infrastructure for greater security now and in the future and enhance functionality so you have greater access to and control over the systems you use.

For example, Corporate One’s recent IP address changes project this summer included upgrades to our data service connections and servers to create greater diversity in our Internet providers and up-to-date, more-robust server capacity. The improved diversity and server capacity allow us to provide an overall higher availability of services for our members.

We have greatly appreciated your assistance as we made (and continue to make) these enhancements that support the solutions we provide you.

Boosting member engagement

Among our signature events this year were our Member Connect Summits in Cleveland and Cincinnati, and CUs on Tap in Florida, featuring beautiful venues, informative agendas, and stellar speakers who addressed hot issues facing your credit unions today. We also boosted our trainings and events with nearly 30 live training opportunities offered and an additional 30-plus in-person, corporate event engagements by the end of this year. And we heightened representation in your communities with more than 400 personal credit union and/or credit union chapter visits.

We plan to continue this engagement in 2017, and we’re already looking forward to seeing many of you in person, so keep your eyes peeled for brand new events on our online events calendar.

Prioritizing strategies that will best serve our members

As we look at prioritizing projects for the future, we will continue to focus on initiatives that:

  • Provide new and enhanced funding services so that we can serve as your number-one source for funding.
  • Ensure you stay on the cutting edge of ACH/faster payments with successful Same Day ACH implementations and the upcoming conversion to Lending Tools.
  • Continue to provide premier settlement services through The One Account.
  • Identify, help educate, and bring to market the greatest solution opportunities for credit unions in the mobile and digital marketplace.
  • Evaluate electronic solutions that streamline the completion of contracts and operational forms, and enable you greater self-service over general account information via Members Only, Corporate One’s member portal.

We’re looking forward to this New Year and the many ways we can continue to provide strategic support and value to you. If you’d like to contact me personally, there’s no need to wait for an event. Feel free to reach out to me directly at lbutke@corporateone.coop.

I wish you a very happy holiday season and much success in 2017!

Best,
Lee C. Butke
President/CEO