PSCU, a credit union service organization (CUSO), reports revenue of $582.5 million for the 2020 fiscal year that ended Sept. 30, a top-line growth of 16.7 percent, the company said in a statement on Thursday (Oct. 29).
Chuck Fagan, president and chief executive officer of PSCU, said its financial strength this year stems from “our people – our greatest asset” and to CU members’ “enduring trust in PSCU.”
Fagan added that PSCU is planning capital expenditures that will benefit “our owners’ growth and service experience,” while at the same time “providing a healthy patronage dividend” with a bigger percentage in cash.
The company’s growth was driven by retention, sales and expansion to new markets, with an eye on innovative technology to benefit its owner credit unions. New CUs joined PSCU in record numbers this year, the company said.
Key 2020 highlights include a relationship with Jack Henry & Associates; enhanced solutions through Lumin Digital, CU Recovery and The Loan Service Center; expansion of contactless cards; focus on solutions including Enhanced Fraud Services, DX Mobile and QuickAssist; and investment in advanced technology and security tools.
“While 2021 will bring uncertainty, PSCU is uniquely positioned to further our growth trajectory and consistently deliver for our credit unions,” Fagan said. “As we continue to execute on our holistic strategic plan, we are confident our industry-leading combination of talent, resources and solutions – along with the investments we have made over the last several years by leveraging feedback from our Owners and Advisory Groups – has created a strong, diverse portfolio that addresses the evolving needs of our credit unions and their members during these difficult times and well into the future.”
On behalf of PSCU, Glynn Frechette, senior vice president of Advisors Plus Consulting, contributed to PYMNTS’ report, “What Did You Change?” He said that PSCU recognized an opportunity when the pandemic hit and started tracking data on digital shifts and trends, sharing the results with its CUs and the market.
In PYMNTS‘ latest Credit Union Tracker, Andrea Mosher, senior vice president of lending at Lake Trust Credit Union, discussed how access to funds can be accelerated by using remote check capture and digital payroll processing.