The Hawaii Credit Union League purchased a shared ownership stake in Plexcity, an Ontario, Calif.-based company founded by state leagues, in a collaborative effort to lower the costs of back office operations in IT, accounting/finance and human resources.
Lowering expenses is just one of several reasons why the Hawaii Credit Union League is buying into and using Plexcity, according to Hawaii Credit Union League President /CEO Dennis Tanimoto in Honolulu.
“We've been telling our credit unions that collaboration is one of the best ways to survive and thrive in the foreseeable future, so we wanted to lead by example,” he said. “We also felt there would be higher return on our members' investment in us as a league.”
Tanimoto said he expects Plexcity's solutions to translate into higher economies of scale, eliminate redundancies, and allow for speedier and more efficient operations through a cloud-based portal.
“It not only saves us time and money, it allows us to focus more on the issues that matter to our credit unions,” he said.
The California and Nevada Credit Union Leagues, the New Jersey Credit Union League, and the Maryland-District of Columbia Credit Union Association founded Plexcity last year.
Plexcity also serves one non-owner client – NASCUS.
All partners have seen a decline in the cost of back office systems, according to Tony Kitt, Plexcity's CEO.
“Our newest addition (the Hawaii league) immediately decreases expenses for every association we serve, which contributes to their future stability,” he said. “All of our owners believe we are better at driving down costs together than we are individually. “
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