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.
The Carmel, Ind.,-based Baker Hill announced that the $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 navigate the tricky mobile landscape.
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The 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.
The Jacksonville, Fla.-based FIS announced he Edmonton, Alberta, Canada-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 need for a broader payment strategy, which gives Servus more control over its credit card strategy and delivery in order to enhance the member experience.
The Brookfield, Wis.-based financial services provider Fiserv announced the $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-based financial institution, the $59.5 million, Sand Springs-based Green Country Federal Credit Union, selected Fiserv's Portico core account processing platform with integrated digital and mobile banking solutions, and added 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 included WireXchange for wire transfers and Teller Source Capture for frontline automation. In addition, Green Country will engage Raddon for strategic consulting services.
The Little Rock, Ark.-based Infusion, a provider of data-driven direct marketing campaigns, announced it will provide new member onboarding services for the $875 million, Papillion, Neb.-based SAC Federal Credit Union.
Infusion's new member onboarding services use multi-channel outreach to educate members 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 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, which has 13 branches in eight cities across the state, identified the need for a core provider that could deliver both internal efficiencies as well as sophisticated technology. The credit union also chose to implement Advanced Reporting for Credit Unions for data warehousing and reporting; the Episys Data Store for a near real-time, 360-degree view of key business processes and SymAdvisor for assistance in achieving strategic goals.
The Austin, Texas-based Kony announced it helped provide the $1.5 billion, Burbank, Calif.-based Partners Federal Credit Union, which offers membership to the 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 pay, 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 Symitar Episys via the MDT CUSO. Jennifer Schilling, Empower's president/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."
The Miami-based core banking provider NYMBUS announced CHROME Federal Credit Union selected NYMBUS' SmartCore banking platform to deliver digital services – including secure online and mobile banking, lending and remote deposit capture – to its more than 18,000 members. CHROME is in the process of transforming its business to digital-first, 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 the terms of the agreement, PSCU will establish long-term servicing relationships with 44 credit unions representing 47,000 credit and debit accounts.
CCUA sought to provide its credit unions with benefits and product enhancements that improve cardholder service and maximize the value of their card programs. CCUA President Paul Gentile said one of the key reasons it selected PSCU was for its industry-leading fraud prevention systems. PSCU significantly exceeds industry benchmarks in both fraud loss-to-sales ratios and its ability to recover a significant amount of gross fraud via charge-backs and merchant credits.
The Lino Lakes, Minn.-based Sharetec Systems announced the $26 million, Evansville, Ind.-based Evansville Firefighters Federal Credit Union and $41 million, Shreveport, La.-based Post Office Employees Federal Credit Union selected Sharetec as their new core system provider.
Sharetec, which provides one of the fastest-growing core systems, announced 49 successful credit union 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.
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