Credit union cites financial accounting, open architecture, Check 21 and disaster recovery functionality as key factors
Northwest Community Credit Union announced it has selected Open Solutions Inc.’s relational core data processing platform The Complete Credit Union Solution®, to address its enterprise-wide data processing needs. Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and other international markets.
Based in Springfield, Ore., Northwest Community Credit Union has $550 million in assets, 13 branches and more than 65,000 members. Following an extensive evaluation of other solutions, Northwest Community credits the open architecture and advanced functionality for its selection of Open Solutions’ TCCUS.
“We were immediately impressed with Open Solutions’ member-centric relational database,” said Helen Byrnes, president and CEO of Northwest Community Credit Union. “The system’s business model was much more sophisticated than other core data processing solutions we evaluated. By selecting Open Solutions, we will now have the capability to manage all of our member accounts, including mortgage, consumer and member business loans, deposits and other services from one single platform. This gives us an advantage in terms of target marketing, relationship pricing and being able to quickly deploy new products and services to our members. Many of our current manual processes, including return processing or split-rate interest rate caps will now be automated. Open Solutions’ technology will help the credit union further drive workflow efficiencies – saving us time and money which we can pass on to our members in the form of lower fees and better rates.”
Byrnes also cited Open Solutions’ Check 21, financial accounting and disaster recovery capabilities as influencing factors in the selection process.
“Open Solutions’ technology advances our Check 21 strategy to a new level,” explained Byrnes. “Having the ability to process checks electronically will not only have a profound impact on the earnings of the credit union, but will also significantly reduce incidences of fraud. We will now know within hours if someone has written a bad or counterfeit check. Additionally, disaster recovery is a major concern for the credit union. Following Hurricane Katrina, disaster recovery became a more prominent issue. Not many people realize credit unions are required to maintain a second robust site in case of a disaster. With the Open Solutions platform, we can easily maintain a second live back-up site.”
As Northwest Community Credit Union continues to grow, it wanted a solution that would not only support its current needs, but one that was scalable and flexible enough to support future needs. The Complete Credit Union Solution is built on a powerful, centralized OracleÒ relational database designed to be an open architecture application, creating the flexibility necessary for running a service-oriented financial institution. Moreover, it helps credit unions streamline both front and back office processes and creates a centralized view of members, employees and business partners.
“We expect to grow more than 50 percent within the next three years,” said Byrnes. “Following implementation, we’ll be able to add additional servers to support our continued growth – versus purchasing additional main-frames, which can be extremely costly. The open architecture fully supports our growth strategy. We are opening two new branches in 2007 and look forward to opening additional new branches in 2008 and beyond, better serving our members and continuing to expand within the community.”
In addition to The Complete Credit Union Solution data processing platform, Northwest Community Credit Union is also implementing Open Solutions’ integrated solutions including cView™ (CRM/business intelligence), credit card module, telephony/VRU and the Financial Accounting Suite (integrated financial management solution).
“Managing each member relationship is a priority for Northwest,” said Byrnes. “From a marketing perspective, we were very impressed with the cView solution. The member-focused tool gives a holistic view of all of our member relationships, including the relationships within an entire household.”
“At Open Solutions, we’re committed to providing community financial institutions like Northwest Community with the tools and applications they need to better focus their efforts on giving their members more personalized service and a full range of product offerings,” said Louis Hernandez, Jr., Open Solutions’ chairman and CEO. “Relationship management, retention and growth are very real concerns for executives of community financial institutions, so we’re always evaluating and delivering technology solutions that are powerful and focused on addressing those concerns. We are very pleased that Northwest has elected to put our flexible, open technology at the core of its technology infrastructure.”
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions’ Internet site at www.opensolutions.com.