Progressive credit union expands technology initiatives and gains competitive advantage
Central One Federal Credit Union announced it has selected Open Solutions Inc.'s The Complete Credit Union Solution®, a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the world.
Based in Shrewsbury, Mass., Central One Federal Credit Union has approximately $250 million in assets, eight branches and serves more than 25,000 members. As the credit union continues to expand and grow its membership, it realized the need for a core technology solution that could support its current operational and business objectives, as well as evolve to meet its future goals.
"We were very impressed with the underlying technology, the open architecture of the database and the .Net front end of the platform," said Tom Clancy, vice president of operations, Credit One Federal Credit Union. "The ability of the system to evolve along with the credit union's continued growth was the primary factor in our decision. Additionally, the ease of navigation and the intuitive design of the solution will enable our employees to pull member information very quickly, in turn significantly increasing our ability to respond to member inquiries; quickly deploy targeted and relevant product offerings; as well as create more of a self-service environment for those members who would prefer to rely on technology to meet their banking needs."
Central One Federal Credit Union was established in 1952 as an occupational-based credit union, serving the employees and family members of the New England Electric System and their affiliate companies. In 1998, the credit union was officially granted a community-based charter.
"We anticipate continued momentum in terms of organic and new member growth," said Clancy. "For the last five years, the credit union has taken an increased focused on leveraging technology solutions to better accommodate this growth and maintain superior member service. Implementing a more sophisticated core data processing platform was the logical next step for advancing our technology infrastructure. Following implementation of Open Solutions' TCCUS, we intend to leverage the technology suite to deliver more sophisticated solutions to our members including automated lending decisioning, relationship pricing, telephone and online banking capabilities, as well as Check 21 initiatives such as document imaging and remote deposit capture."
Upon implementation, Clancy expects the credit union to gain operational efficiencies, enhanced report generation capabilities and expanded workflow analysis. 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. It helps credit unions streamline both front and back office processes and creates a centralized view of members, employees and business partners.
"Overall, we felt Open Solutions was the best long-term partner for our credit union," said Clancy. "Our market is becoming increasingly more competitive. Everyday our members are receiving offers from other banks and credit unions in the area. With Open Solutions' TCCUS, we will have the flexibility to better compete by quickly delivering new products and offering more value-add services. The overall functionality we anticipate to gain following implementation will enable our entire staff to better serve our members."
Open Solutions provides credit unions with a fully featured strategic product platform, integrating core data processing with strategic applications such as Internet banking, business intelligence, financial accounting applications, electronic imaging, payment and interactive voice response solutions. In addition to The Complete Credit Union Solution data processing platform, Central One Federal Credit Union is also implementing Open Solutions' integrated solutions including cViewT (CRM/business intelligence), interactive voice response, financial accounting suite and the credit card module.
"As credit unions continue to face increased competition, the underlying technology infrastructure is becoming an even more critical component to ensure success," said Louis Hernandez, Jr., Open Solutions chairman and CEO. "Progressive credit unions like Central One Federal Credit Union realize the significance of leveraging technology to automate business processes, improve overall member service and gain a more complete view of their membership. We too understand the importance of technology in today's market and our commitment remains the same - to design and deploy innovative product offerings that best suit the needs of our clients' members and employees. We look forward to working with Central One on both its short and long-term objectives."
About Open Solutions
Open Solutions Inc. offers a fully featured strategic information management 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 and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, network services, HSAs, payments 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 email at mgoldwasser@opensolutions.com or by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.