How do smaller credit unions adapt to changing member needs and remain viable? One way is to install banking systems that allow credit unions to expand functionality while growing with the needs of the credit union and its members – that is what two Oklahoma-based credit unions did.
Both credit unions hope to gain efficiencies, enhance member engagement and support growth by switching to the outsourced version of Brookfield, Wis.-based Fiserv’s Portico account-processing platform and an integrated suite of digital banking, payments, and lending solutions.
The $170 million Oklahoma City-based ME/CU will soon move to the Fiserv solution. “We wanted a provider that would partner with us and provide leading-edge products that enable us to stay competitive as we grow and expand,” said Agnes Berkenbile, president/CEO of ME/CU.
Berkenbile said, “Working with our strategic consultant, we knew we could grow our assets, but we also knew we needed a new core system that could grow with us.” ME/CU was the largest client with its legacy provider, and felt it needed to look at the offerings from a larger provider. “As we move forward with Fiserv, we see that Fiserv will be more like a partner than just a vendor.”
Before selecting Fiserv’s Portico core-processing platform, the Oklahoma City credit union did extensive due diligence. It went through a competitive process of looking at potentially new providers and giving its current supplier the opportunity to retain the business. They also spoke with other CEOs operating with the same current core it uses and systems they were screening.
Meanwhile, Tulsa-based, $29 million Encentus Federal Credit Union, scheduled to turn the switch on Sept. 30 2017, just started heading into the changeover. “We’re in the very infancy stages of the conversion process,” Misty Potter, president/CEO of Encentus, explained.
A number of things caused Encentus to start looking for a new core platform. “Some of them were strategic; and some were frustration with the current system,” Potter said. “Having the right technology partner is mission-critical for credit unions because it ultimately influences the level of service quality we provide to our members.”
Both credit unions plan to incorporate Fiserv’s software-as-a-service suite, which includes Portico for core account processing, Virtual Branch for online banking, Mobiliti for mobile banking, Mobile Source Capture for mobile deposits, Loancierge to speed up the loan process, and AccountCreate to allow online loan applications to flow into the core system and eliminate dual entry.
Read the full story about these credit union conversions in the Sept. 28, 2016 print issue of Credit Union Times
