
For Leo Ardine, CEO of $303 million United Teletech Financial FCU in Tinton Falls, NJ, the savings realized by outsourcing the credit union’s mid- and back-office services have been a real boost, but the power of discourse among colleagues for true collaboration has been immense.
“Small- to mid-size credit unions need the type of collaboration we’ve found through Member Support Services,” Ardine advocated. “We need to get out of our own way enough to help our members more comprehensively.”
“We need to get out of our own way enough to help our members more comprehensively.”
“We have to recognize the significant investments that need to be made in digital technology to remain relevant to member needs in the future,” Ardine said. “Unless shared, these can be cost prohibitive for small- and mid-size credit unions. MSS has a successful track record in shared investments and joint contract negotiations we intend to continue as we transform our respective credit unions to online and digital channels.”
Through scale, the power of best-of-breed partnerships and the negotiating power of Member Support Services, among other efforts at United Teletech, Ardine said “We made it through the woods on business lending. MSS really changed to outcome of our story: from a negative ROI in 2018 to 1.19% ROA in 2019.”
“MSS really changed to outcome of our story: from a negative ROI in 2018 to 1.19% ROA in 2019.”
Ardine added that his credit union has saved more than $3 million in expenses since joining MSS. “It’s costing me less than $11 million in members’ money to run a $300 million credit union. That’s substantial, and it allows us the options to reinvest in services, member loans, the bottom line, whatever we’d like.”
The quality control has been quite impressive, Ardine explained. United Teletech’s error rates and speed on deposit operations have improved dramatically, collections performance has jumped significantly from the credit union’s previous efforts, loan processing has become timely and more accurate, and data security has been beefed up, not to mention member-facing technology.
“I understand we’re all in decision fatigue right now,” Ardine emphasized, “but some things can’t wait. Smaller credit unions must decide to survive and thrive.
“I’m so grateful we made the decision to move to MSS when we did. It’s definitely helping us weather coronavirus for our members, and it will help us through whatever comes next.”
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