New Vice Presidents To Provide Leadership
December, 1997 - The announcement in October
1997 that four Associate Vice Presidents would soon
be added to the CUETS management team heralds a new
chapter in the continuing transformation of CUETS to
a leadership position within the credit union system
and card industry.
The new AVPs will be responsible for providing greater
focus on product leadership, development and performance,
and ensuring that CUETS' plans are market-driven and
client-centered. These "product champions", unencumbered
by the management responsibilities of CUETS' operational
and functional areas, will work with senior credit union,
Central and card industry contacts to ensure that CUETS
and credit unions are well-positioned for the years
"The card business is changing significantly, with
an increasingly competitive and complex marketplace,"
explains Stan Kuss, Chief Executive Officer. "These
new product champions will help CUETS and credit unions
build on the major progress of the past few years. It's
an investment that we believe will have long term benefits
for the system."
Kuss points to several accomplishments over the past
two years that demonstrate CUETS is aggressively moving
forward to achieve a leadership role in the industry.
In mid-1997, CUETS, Sherwood Credit Union and SaskTel
teamed to conduct the first secure electronic transaction
on the Internet in Canada, effectively beating all Canadian
banks. "As a result, CUETS and credit unions are now
recognized worldwide as being instrumental in the delivery
of the processing solution that allows financial institutions
around the world to participate in this emerging payment
Kuss also notes the recent co-sponsoring of a proprietary
Mondex pilot with Saskatchewan Central and provision
of national cardholder and merchant support for the
Guelph Mondex pilot.
"Other initiatives, such as successfully repositioning
the CU CREDIT card, introducing the Choice Rewards loyalty
program and launching an innovative co-branded card
with a major power utility, are helping to build cardholder
volumes and achieve the economies of scale that are
so important within the industry. CUETS is already the
eighth largest "bank card" company in Canada and committed
to achieving its vision of becoming one of the top five,"
Kuss expects to have the four product vice presidents
- all of whom are expected to have extensive industry
of credit union card management experience - in place
by February, 1998, and up to full speed on CUETS' operations
and plans for 1998 shortly thereafter.