Expanding the Field to Target Bigger Business
It's kind of like Y2K, only different. After more than 40,000 hours of development, a core processing CUSO has put out for live testing a change in its data fields that will allow its mostly small to mid-size credit unions to handle larger loans and deposits.
Called the File Expansion Project, the collaborative effort by CU*Answers and its credit unions changed the system to allow deposit and loan balances of up to $999,999,999.99 instead of the current $9,999,999.99.
Executives at two of the first beta testers among the 225 or so CU*BASE users said they may not need it now, but they’ll be ready if and when that day arrives.
“As a smaller credit union, we may not immediately have a use for the expanded fields but just like home banking and e-statements, these evolutions create opportunities that will allow our organization to grow unfettered,” said Dean Wilson, president/CEO of the $41 million FOCUS Credit Union in the Milwaukee suburb of Wauwatosa, Wis. The 7,600-member FOCUS went first, going live on March 16. A general release is expected in November.
Being proactive resonated with another early adopter. Linda Bodie, chief + innovator at the $27 million Element Federal Credit Union in Charleston, W.Va., said her 4,600-member credit union goes live with the expanded fields on April 7. She said in addition to her credit union itself, she also sees the value of the project as a member of the family of credit unions.
“Basically we’re building and investing for the future, or maybe even the now for our credit union network,” Bodie said. “This might not be a critical issue at the moment, but what happens when it becomes one? Do you scramble around and try to develop something last minute?”
Randy Karnes, president/CEO of CU*Answers, said his Grand Rapids, Mich.-based CUSO and its credit unions felt the time had come to undertake the project despite its size.
“This involved much more than just changing the transactional and balance fields. We also had to re-engineer our database,” Karnes said. “It's a huge investment but it's also one of those things you have to do, if you analyze what you need to do to stay relevant in the future.”
Bodie added, “Our credit union has not run into any limitations at this time but I remember Y2K all too well. This is a proactive move that will ensure our operations are not interrupted due to data field limitations.”
She said the project itself will involve some in-house work as employees incorporate new data fields into the credit union's core processing infrastructure, but that they’re ready. “We constantly test and evaluate all sorts of products, services and innovations. It's a great learning tool and it's just plain fun,” Bodie said.