Open Solutions signs Redstone Federal CU
19 July 2007 | 1272 views | 0
Source: Open Solutions
Redstone Federal Credit Union announced it has selected Open Solutions' 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 United States, Canada and other international markets.
Based in Huntsville, Ala., Redstone Federal Credit Union has assets of more than $2 billion, 18 branches and serves more than 280,000 members. As one of the largest financial institutions in the area, Redstone is in a uniquely competitive environment.
"We are a large credit union in a relatively small market," said Stephen White, vice president of technology for Redstone Federal Credit Union. "We are competing with community and regional banks as well as other credit unions in the area. To continue our current momentum and maintain our aggressive growth strategy, we realized the need for a more sophisticated core processing platform. I've been in the industry for more than 37 years and have been through a number of core conversions. Considering the size of the credit union and our long-term business goals, it was critical to find a solution we knew could grow with us into the future."
After a thorough evaluation period, Redstone selected Open Solutions for its relational database and open architecture design.
"We felt the combination of Open Solutions' sophisticated underlying technology and the member-centric design of the platform would position Redstone to meet our immediate goals, but more importantly to accomplish the long-term goals we have established," said White. "Other systems we evaluated were limited in terms of functionality and meeting our growth strategy because of the underlying legacy technology. We were looking for an advanced platform, built on progressive technology, which we found in Open Solutions."
The Complete Credit Union Solution is built on a powerful, centralized Oracle 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. Open Solutions provides credit unions with a fully featured strategic product platform, integrating relationship-based core data processing with strategic applications such as Internet banking, business intelligence, financial accounting applications, electronic imaging, payment and interactive voice response solutions.
"Having a complete view of our members will not only reduce transaction times for our members and drive internal operational efficiencies, it will also help us more quickly deploy products and services our members are demanding," said White. "Combined with the seamless flow of information between the front and back offices, we expect to gain even more of an edge over our competition, helping us remain one of the largest financial institutions in the area, while improving one-on-one member relationships."
In addition to The Complete Credit Union Solution data processing platform, Redstone Federal Credit Union is also implementing Open Solutions' integrated solutions including cView(TM) (CRM/business intelligence), safe deposit box module, channel management center (CMC), interaction management center (IMC), speech telephony services, premium overdraft protection, positive pay and collections applications.
"Open Solutions realizes credit unions are facing intense competition in the market," said Louis Hernandez, Jr., Open Solutions' chairman and CEO. "We designed our platform to help credit unions of all sizes, including those as large as Redstone, maintain superior member relationships, while meeting growth objectives. We continue to build and enhance technology solutions to help financial institutions effectively implement strategies focused on increasing perceived member value. We look forward to a long-standing relationship with Redstone."