Many credit unions recently completed or signed for core system conversions and other major technological upgrades over the past few months
Here’s a look at some of the latest technology moves.
Carmel, Ind.,-based Baker Hill announced that $1.2 billion Winston-Salem, N.C. based Allegacy Federal Credit Union selected its portfolio risk management solutions. The credit union will leverage the Baker Hill Statement Analyzer, a web-based financial analysis tool, enabling Allegacy to better understand commercial clients’ credit risk; and Exception Advisor, which protects the quality of the credit unions’ commercial loan portfolio through continuous, automated monitoring of document, policy, compliance and exception management.
Three credit unions – the $142 million, Jackson, Miss.-based Magnolia Federal Credit Union; the $90 million, Savannah, Ga.-based Georgia Heritage Federal Credit Union and the $113 million, Hamden, Conn.-based Wepawaug-Flagg Federal Credit Union– selected the Detroit-based Bankjoy to negotiate the tricky mobile landscape.
Rancho Cucamonga, Calif.-based CO-OP Financial Services announced the $3 billion South Bend, Ind.-based Teachers Credit Union, Indiana’s largest credit union, has added its nearly 85 ATMs to CO-OP’s network of 30,000 ATMs, the nation’s largest credit union-owned surcharge-free network.
Jacksonville, Fla. based FIS announced Edmonton, Alberta -based Servus Credit Union, one of the largest credit unions in Canada with 390,000 members and more than 100 locations across Alberta, turned to FIS for a full complement of credit card services including processing, loyalty, fraud detection and prevention, as well as card production and personalization. The move to FIS was due in part to the credit union’s needs of a broader payment strategy, giving Servus Credit Union more control over their credit card strategy and delivery in order to enhance their member experience.
Brookfield, Wis.-based financial services provider Fiserv announced $35 million Tulsa, Okla.-based First Oklahoma Federal Credit Union selected the Portico core account processing platform with an integrated technology suite featuring digital banking solutions. First Oklahoma will streamline its technology as it migrates from its current providers to Fiserv.
Another Oklahoma financial institution the $59.5 million Sand Springs based Green Country Federal Credit Union, also selected Fiserv’s Portico core account-processing platform with integrated digital and mobile banking solutions, and add enhanced functionality for commercial lending.
The software-as-a-service suite selected by both credit unions includes Virtual Branch for online banking with enhanced bill pay, Mobiliti for mobile banking, Mobile Source Capture for mobile deposits, Loancierge for lending automation, and Wisdom for accounting and call report management, in addition to solutions for statements, identity verification, web signatures and website hosting.Green Country also includes WireXchange for wire transfers and Teller Source Capture for front-line automation. In addition, Green Country will engage Raddon for strategic consulting services.
Little Rock, Ark.-based Infusion, a provider of data-driven direct marketing campaigns announced it will provide new member onboarding services for $875 million Papillion, Neb.-based SAC Federal Credit Union.
Infusion’s new member onboarding services uses multi-channel outreach to educate customers on the full range of services available from the credit union in the critical early period of the relationship. Infusion’s analysis core data and its proprietary targeting methodology help to efficiently target existing members to expand relationships.
The Monett, Mo.-based Jack Henry & Associates’ Symitar division announced the $1.3 billion Dallas-based Credit Union of Texas selected the Symitar Episys core system. The credit union with 13 branches, in eight cities across the state, identified the need for a core provider that could deliver both internal efficiencies as well as the sophisticated technology. The credit union also chose to implement Advanced Reporting for Credit Unions for data warehousing and reporting; Episys Data Store for a near real-time, 360-degree view of key business processes; and SymAdvisor for assistance in achieving strategic goals.
Austin, Texas-based Kony announced it helped provide the $1.5 billion Burbank, Calif.-based Partners Federal Credit Union, which offers membership to employees and cast of The Walt Disney Company and their family members, with a mobile banking application that offers a differentiated experience and ease of use. The cloud-based Kony Mobility Platform enables Partners to quickly develop and deliver member mobile banking apps, and accelerate membership adoption and growth.
The updated Partners mobile banking app continues to offer core banking functions such as mobile deposits, transfers and bill-paying, but also has more advanced features, including a section that gives members access to coupons and deals with local and national merchants, an education portal, and a built-in survey tool.
Member Driven Technologies of Farmington Hills, Mich. announced the conversion of the $1 billion West Allis, Wis.-based Empower Credit Union to the Symitar Episys via the MDT CUSO. Jennifer Schilling, Empower’s CEO, said, “Our focus has always been on our members and helping advance their financial situation. We recognize the need for improved technology, not only for our membership, but also for our staff in meeting our members’ needs.”
Miami-based core banking provider NYMBUS announced CHROME Federal Credit Union selected NYMBUS’ SmartCore banking platform to deliver digital services – from secure online and mobile banking, to lending and remote deposit capture – to its more than 18,000 members. CHROME is in the process of transforming its business to a digital-first credit union, addressing the rapid shift in members’ needs and growing competition from outside the financial services industry.
The St. Petersburg, Fla.-based CUSO PSCU announced it will be the payments provider for the Marlborough, Mass.-based Cooperative Credit Union Association. Under terms of the agreement, PSCU establishes long-term servicing relationships with 44 credit unions, representing 47,000 credit and debit accounts.
CCUA sought to provide its credit unions benefits and product enhancements that improve cardholder service and maximize the value from their card programs. CCUA President Paul Gentile said one of the core reasons for selecting PSCU is its industry-leading fraud prevention systems. PSCU significantly exceeds industry benchmarks on both fraud loss-to-sales ratios and their ability to recover a significant amount of gross fraud via charge backs and merchant credits.
Lino Lakes, Minn.-based Sharetec System announced the $26 million Evansville (Ind.) Firefighters FCU and $41 million Shreveport, La.-based Post Office Employees FCU selected Sharetec as their new core system provider.
Sharetec System, one of the fastest growing core systems, announced 49 successful credit unions service bureau installations for 2016.
The 1.3 billion Muskego, Wis.-based Corporate Central Credit Union announced it has partnered with Strategic Resource Management, an independent professional services firm, to offer a new service to member credit unions called CU•Save. The partnership specializes in revenue enhancement and cost reduction for credit unions, specifically in the card processing space.
