Prime Savings Credit Union, serving the greater Hamilton, Ontario area, has signed a letter of intent to deploy iSpectrum, the Canadian banking system from Summit Information Systems, a unit of Fiserv (Nasdaq:FISV).
The selection of iSpectrum concluded a detailed search for a new technology partner and banking system that the C$65 million, 7,000-member credit union conducted as part of an initiative for aggressive growth and retail services delivery transformation. Summit Information Systems is a provider of advanced technology solutions to Canadian and US credit unions.
Key to Prime Savings' search was assessing vendors on their potential for a long-term partnership and the usability of their technology to fulfill the credit union's member service and retail experience vision. "There are several banking system options in Canada today," said William Clark, CEO of Prime Savings. "When evaluating Summit, however, we were impressed with the vendor experiences that current clients shared with us. Summit staff have embraced our business initiatives and have made us feel that Summit will do all it can to ensure our success. We believe we are beginning a 20+ year relationship with a new system and new technology partner."
iSpectrum will enable Prime Savings to rapidly deliver products and services, improve productivity and increase its competitive advantage. Built-in wizards and automation tools in iSpectrum will allow Prime Savings to re-engineer business processes by creating efficiencies in many business areas, particularly for branch services such as new account opening and loan origination.
"Banking is banking, but how we interface with members is what is foremost to Prime Savings," continued William Clark. "We envisioned implementing a banking system that is not a barrier when serving members. The user appeal and system usability of iSpectrum will allow us to transform mechanical processes into efficient, positive experiences for both staff and members."
Developed exclusively for Canadian credit unions, iSpectrum uses the very latest Internet technologies to deliver a superior experience to both staff and members.
Summit president Kevin Sparks said, "Summit is committed to helping Canadian credit unions revolutionize the way they invest in technology to grow and serve their members." He continued, "We are proud that Prime Savings recognizes our commitment to the Canadian credit union industry. And with our roots firmly established in Canada, our partnership will realize Prime Savings' retail transformation in 2007 and will be strategic to achieving their goals for membership growth for years to come."