Member Support Services, LLC (MSS) Company Profile

Background

Member Support Services, LLC (MSS) is a Credit Union Service Organization (CUSO) headquartered in Cranbury, New Jersey. Established in 2013, MSS specializes in providing shared middle- and back-office operations for its shareholder credit unions. The organization's mission is to enhance operational efficiency and cost savings through economies of scale and standardization, enabling credit unions to focus more intently on serving their members. By leveraging collaborative models prevalent in global banking and insurance industries, MSS empowers small- and mid-sized credit unions to maintain independence while achieving significant financial and operational benefits.

Key Strategic Focus

MSS's strategic focus centers on delivering comprehensive shared services that drive efficiency and profitability for credit unions. The organization offers a suite of services, including:

Technology Services: IT infrastructure, data security, help desk support, and digital member services.

Lending and Collections: Underwriting and servicing for auto loans, unsecured loans, and credit card loans, as well as collection services.

Operations: Credit and debit card management, deposit management, and payment processing services.

By consolidating these services, MSS enables credit unions to achieve economies of scale, reduce operational costs, and enhance service delivery.

Financials and Funding

As a member-owned, not-for-profit organization, MSS operates on a cost-containment model through economies of scale. The organization serves its owner credit unions, which have realized annual aggregated savings of 25% from their operating costs compared to their separate costs prior to the cooperative.

Technological Platform and Innovation

MSS leverages advanced technological platforms to deliver its services, including:

IT Infrastructure and Data Security: Ensuring robust and secure IT systems to support credit union operations.

Digital Member Services: Providing digital solutions to enhance member engagement and service delivery.

Payment Processing: Managing credit and debit card programs to maximize revenue and efficiency.

These technological capabilities enable MSS to offer scalable and efficient solutions tailored to the needs of its partner credit unions.

Leadership Team

MSS is led by a team of experienced professionals with extensive backgrounds in the financial and shared services sectors:

Vim Anand, CEO: A global shared services expert with experience at firms such as EY and McGladrey, and as an independent consultant on projects like the S3 credit union partnership.

Leo Ardine, CEO of United Teletech Financial FCU: Oversees a $337 million credit union and serves as a key leader within MSS.

Andy Jaeger, CEO of Credit Union of New Jersey: Leads a $448 million credit union and contributes to MSS's strategic direction.

John Bissell, CEO of Greylock Federal Credit Union: Manages a $1.6 billion credit union and plays a significant role in MSS's operations.

This leadership team brings a wealth of experience and a collaborative approach to driving MSS's mission and strategic objectives.

Competitor Profile

Market Insights and Dynamics

The credit union industry faces challenges such as rising operational costs, technological advancements, evolving member expectations, and increasing competition from larger financial institutions. Shared services models like MSS's offer a viable alternative to mergers, allowing credit unions to maintain independence while achieving operational efficiencies.

Competitor Analysis

MSS operates in a niche market with limited direct competitors. However, other organizations offering similar shared services to credit unions include:

Institute for Credit Union Advancement: Provides educational and operational support services to credit unions.

Little Giant Federal Credit Union: Offers shared services and operational support to smaller credit unions.

These organizations focus on enhancing the operational capabilities of credit unions through various support services.

Strategic Collaborations and Partnerships

MSS has established strategic partnerships to enhance its service offerings and support credit unions more effectively:

Wescom Resources Group (WRG): A collaboration aimed at providing credit unions with advanced technology solutions, including core hosting and teller line automation, to achieve efficiency through scale.

These partnerships enable MSS to deliver comprehensive and innovative solutions to its partner credit unions.

Operational Insights

MSS's shared services model provides credit unions with:

Standardization: Streamlined operations across critical areas to reduce inefficiencies and operational risks.

Consolidation: Access to group purchasing power, allowing for better deals with vendors and reduced per-unit costs in technology and operational services.

Re-engineering: Collaboration among partner credit unions to rethink business models and explore new technologies, optimizing efficiency and profitability.

This approach enables credit unions to meet member demands while controlling costs and boosting profitability.

Strategic Opportunities and Future Directions

MSS is focused on expanding its service offerings and enhancing revenue opportunities for its partner credit unions. Recent initiatives include:

Card Portfolio Management: Appointment of a Card Portfolio Manager to coordinate initiatives aimed at maximizing revenue for debit and credit card programs.

By continually investing in talent and innovative solutions, MSS aims to support credit unions in achieving operational excellence and financial growth.