A Holiday Potpourri of Credit Union Industry Tech Announcements
A new batch of technology updates happening at credit unions around the country.
The holiday rush included some tech announcements within the credit union community covering a dual core processing conversion, third-part integration, and digital onboarding, workflow automation and content management.
The $2.5 billion Albuquerque, N.M. Sandia Laboratory Federal Credit Union recently completed a core-data processing conversion to Corelation Inc.’s KeyStone platform. The credit union converted unwieldly dual core processing systems into a single, flexible and open architecture by migrating both its consumer and business core data, previously separated into standalone core systems. This set the stage for optimization of its operations and overall improvement of the member experience.
As project manager and technical consultant, DaLand CUSO played a critical role in the success of this complex undertaking. The CUSO offered a combination of project managers, business analysts, developers, report writers and executive-level technologists.
“We were very confident in our selection of KeyStone, but wanted to augment our internal staff and expertise by partnering with a consulting company to bring rigor, best practices, and a proven methodology to the project,” the credit union’s SVP/Chief Operations Officer, Rick Anderson said. “A project of this size and complexity requires managing many concurrent threads during the project.”
Anderson stated that because of DaLand’s extensive knowledge and experience, the credit union will get more out of the KeyStone platform. He also noted that as part of the conversion, the credit union replaced 14 third-party vendors with nine new ones, and converted about 50 vendor relationships the credit union retained.
Meanwhile, the Denver based digital customer firm Avoka, announced it joined the Symitar Vendor Integration Program. Participation in the program provides Avoka with access to Symitar’s technical resources to enable the Avoka Transact platform – a digital transformation platform built for credit union member acquisition and onboarding journeys – to integrate with the Symitar Episys core system. Avoka also announced the availability of SymXchange-based integration to its customers as part of the Avoka Exchange, a catalog of pre-integrated fintech applications.
The Vendor Integration Program helps ensure that Symitar’s customers can deploy third-party products. Symitar is the primary technology partner of more than 800 credit unions.
The integration brings Symitar Episys based credit unions the ability to deploy the Avoka Springboard Deposit Account Opening solution. Recently Avoka announced the success achieved by the $12.3 billion San Jose, Calif.-based First Tech Federal Credit Union, which successfully deployed an omnichannel digital platform using Avoka Transact.
“By participating in the Symitar VIP program, we continue to demonstrate our commitment to providing financial institutions of all sizes with outstanding account opening and onboarding solutions to support their customer journey needs,” David Gaydon, general manager, Avoka North America, said.
Peachtree Corners, Ga.-based processing, content, and digital account management firm Apogent announced the $760 million Las Vegas-based Silver State Schools Credit Union selected Alogent’s ImagePoint and FASTdocs suites of products to replace legacy systems and increase workflow automation around item processing and enterprise content management.
“We (Silver State Schools Credit Union) were looking to upgrade and replace legacy systems, and Alogent’s solutions proved to be faster, easier to work with, and delivered more advanced capabilities that can scale with our credit union and member needs,” Mike Randall, SVP and COO at Silver State Schools Credit Union, said. “Initially the project was driven by one department but ultimately involved a multitude of teams due to the widespread transformation and significance of the upgrade to our entire credit union.”
ImagePoint’s suite of item processing capabilities enables Silver State Schools Credit Union to benefit from a digital check processing workflow with built-in fraud detection at the point of presentment. FASTdocs, an enterprise content management solution, works with the credit union to build a strong digital ecosystem.
“Alogent is proud to have been selected by Silver State Schools Credit Union based on our customer-centric approach and innovative capabilities,” Jason Schwabline, Alogent’s chief strategy officer said. “This partnership is a representation of our commitment to delivering scalable and flexible digital transformation tools to banks and credit unions.”