Simple Pricing Created For Your Credit Union
CFS Insight provides solutions based upon pre-developed, configurable software for credit unions as well as custom developed software. Some CFS Insight customers start out with the standardized solutions and build in customizations over time while others purchase a combination of standardized and custom software to meet their specific goals.
Regardless of which approach serves your needs best, CFS Insight’s strategy has been to mature it’s standardized solutions upon which standardized pricing is available over time while continuing to do custom software development to:
- Meet the overall needs of its customers
- Incubate and develop features that ultimately find their way into the standardized solutions.
Before You Read
While CFS has simple, transparent pricing... Every credit union is unique.
It’s not an easy task to provide standardized software with responsive support while allowing for customizations (particularly when you are dealing with data from so many different systems). That said, we believe this combination offers a unique solution that enable customers to grow their data and analytic programs while meeting the specific challenges of their end users. As a result, CFS Insight customers are becoming organizations that are data driven in operational and strategic decision-making. The sections below provide you with a window into how we approach both from a cost perspective.
How much do CFS software solutions cost?
There are two components to the cost of our standardized software solutions with those being either Data Connectors or Analytic Models.
One-time Installation/Validation Fee
$3,000 - $10,000
This fee is standard for all customers and is based upon the effort required by CFS Insight consultants to install, configure and validate the data and insights produced by the solution. Installation fees can range from $3,000 to more involved installation at $10,000. The key factors that drive higher one-time costs include whether historical data is loaded and the degree to which customized data mapping and or analysis is required by the installation process.
$6,000 - $24,500 per product
This is a bundled cost charged annually for the right to use the software, obtain updates and access support provided by CFS Insight. The annual subscription fees are determined based upon the total dollar amount of assets of the financial institution as reported to the regulatory authorities and the level of engineering and investment made by CFS Insight in building the solution. Annual subscription fees can range from $6,000 – $24,500 per CFS product.
How much do your consulting fees cost and what is the process for establishing the scope/total cost of consulting for our project(s)?
Consulting Services can be purchased in the following ways:
Time and Materials
$175 - $250 / hour
Customers sign a statement of work for a block of hours at an agreed upon rate establishing a cap on the hours and dollars available for expenditure. Customers are billed only for hours utilized. Consulting rates in this method range from $175 / hour – $250 / hour depending on the service provided and expertise required.
Hours are purchased in blocks but prepaid annually.
Consulting rates are discounted based upon the nature of the service provided and the volume of hours pre-purchased. It is in the customer’s interest to utilize the hours purchased as rebates of unutilized hours are not granted. Unutilized hours do not expire annually provided that the customer maintains an active software subscription/maintenance relationship with CFS Insight.
Smaller projects, 6 wk - 6 mo
$15,000 - $150,000
CFS works with the customer to estimate the scope of the project and provides a budget in dollars for the outsourced fees required by the engagement. Services and compensation for Project Management provided by CFS Insight are included in the scope of the engagement. CFS Insight co-manages the project with the customer according to both the scope and budget defined in the statement of work. Consulting Projects are designed to be smaller in scope, generally contain a 6 week to 6 month timeline and range in cost from $15,000 – $150,000.
What if we have or move to a system that is not in your list of
standardized data connectors?
CFSI invests in new data connectors based upon two factors:
- The number of financial services organizations that work with the given 3rd party and the market interest / value in obtaining insights from the source.
- The willingness of at least 2 – 3 of our new or existing customers to participate in early development and validation of the data connector.
If CFS decides to make a source one of its standardized offerings, the solution is charged according to the standard pricing schedule. All other solutions are underwritten through Option 3 described above.
- How CFS Insight can guide you
Ready to make better data driven decisions?
CFS Insight’s process will guide you and your team into advanced analytics and a better understanding of your data. Once your systems are connected, CFS will help you create productive ways to access, analyze, and model your data for deep insights. So the question is — how can we help?
You want to learn more about how you can get more out of your data?
You know what you want and you’re ready to chat with the CFS team?
What CFS Insight Clients Are Saying…
Our customer who makes the biggest impact on their business employ a combination of our standard and custom solutions. Click here to read more about their accomplishments.
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