Credit Unions vs. Big Banks — How Envisant Services Empower Credit Unions to Compete

In a Nutshell: Envisant provides the building blocks credit unions need to offer services that compete with big banks. Envisant’s services include access to payment products, collection services, top-notch security features, and ATM services. Most credit unions are small and very community based. Envisant assists credit unions big and small so they can focus on providing great service to community members. 

Credit union membership represents our family, friends, and neighbors. No matter how big or small, all credit unions provide that signature community-based service that makes you feel welcome.

But for many credit unions, it’s not easy to get a jump-start on their mega-bank competitors. It takes a financial institution hard work and dedication to build trust among consumers that their money is being used correctly.

Envisant was created to provide credit unions with the building blocks of good financial services. Its services give new or existing credit unions a fighting chance to compete with big banks in the communities they serve.

Formerly known as LSC, the company transitioned to a name that better fit its goals and missions. Envisant puts two words together to create one. Envis meaning “to cause to see” and Ant meaning “an action being taken.”

Envisant’s mission is to provide financial services that help credit union employees focus on giving great customer service.

Credit union employees do not have to wear multiple hats to figure out finance, technical, or logistical issues; Envisant takes care of all of that on its end.

Envisant will do the processing for debit, credit, and prepaid cards for credit unions while offering collections services to protect members’ money.

“What we provide is professional expertise,” President and COO of Envisant Libby Calderone said. “We don’t just want to provide a product. We want to spend a little bit of time getting to know you, what your needs are, what your markets are, how you want to grow them, and then tailor your programs for the credit union.”

Envisant’s services eliminate the need for credit union members to have accounts with multiple financial institutions. With its solutions, Envisant provides the tools for credit unions to be the one-stop shop for all banking needs.

Credit cards are full service and customized for each credit union. Envisant offers seamless implementation and conversion support.

Envisant walks credit unions through the entire process until the credit card program is set up. Envisant provides customer service and reward programs for members to maintain their loyalty.

The company also provides debit cards for use with checking accounts. Envisant partners with four major ATM Networks to provide surcharge-free withdrawals at thousands of locations across the country.

To support these programs, Envisant has its own security team to stop fraud at its source. 

Fraud is devastating — especially for small credit unions — and can wipe out a credit union’s finances. And money taken from a credit union is money taken from its members.

Without funds, credit unions cannot offer better rates or services, ultimately leading members back to big banks.

Envisant’s fraud department analyzes transactions from its network of credit unions to detect and stop fraud at other credit unions. Envisant has 2,000 partners in its network, and that network helps build its database to block fraud before it happens.

“You see when that first fraud happens, and our focus is stopping it in its tracks,” Calderone said. “A mass fraud event can wipe out the net income for a year. We are proactive to stop it from happening again.”

Sending members to collections is never easy. Trying to recoup the funds from a defaulted loan is exhausting and is a waste of resources.

To ease the burden for credit unions, Envisant offers its collections program. The company focuses on using compassion to understand every situation and find out why a member has missed payments.

No one likes the idea of not having enough money to pay the bills. Envisant understands that and works to create solutions to help members.

Because Envisant’s money is not involved, the company does not have an emotional attachment to getting funds back and does not get mean with members.

Its strategy is to explain that, when members don’t make payments on loans, it affects their friends and neighbors within the credit union. 

Using these strategies, Envisant works to get the money back into credit unions so they can continue to offer competitive services.

“We know that stuff happens to people,” Calderone said. “And it’s really important to find out what went wrong and get to the real root of the issue. And that helps you figure out solutions.”

Envisant’s commitment to improving its resources is shown in its partnerships and investments in companies in the banking space.

The company recently invested in Pure IT Credit Union Services, a company dedicated to elevating IT in credit unions. The company consults and works with individual credit unions to create online banking platforms.

Its investment in the company means Envisant’s credit union network receives special access to Pure IT CUSO’s IT and security services.

For credit union members who need help repairing their credit score, Envisant offers access to Cambio Money. The Cambio Money app helps members boost their credit scores by tracking good credit practices and offering them exercises to build better money management habits.

The app shows credit scores, gives insight on what is hurting a credit score, and offers solutions to solve negative items on credit reports.

Envisant also made an investment in Cambio Money to ensure members in its credit union network can take control of their finances.

To further boost credit scores, Envisant plans to offer loan products for members with low credit scores. These loan products would work to give a quick boost of up to 50 points after making all of the scheduled payments.

With a higher credit score, members can begin adding to their savings and work their way up to a better credit card with lower interest rates.

The company is committed to expanding its financial literacy programs, with more than 500 counselors in credit unions throughout the state of Illinois helping employees and members navigate financial issues.

Its counselors also hold financial education events for children that teach them how to build a budget, apply for a job, and build good credit.

Envisant’s goal is to help credit unions become successful in providing the community with critical financial services. When credit unions help their members, it usually means better rates and services for the products they provide.

“We’re returning that value back to our credit unions and supporting the industry and helping it grow,” Calderone said. “We’re helping credit unions see their future, hence our tagline ‘Achieve Your Vision.’”