FirstDay Financial Federal Credit Union outsources to Open Solutions
07 December 2004 | 1006 views | 0
Source: Open Solutions
Open Solutions Inc. (NASDAQ:OPEN), a provider of integrated enabling technologies for financial institutions, announced that Dayton, Ohio-based FirstDay Financial Federal Credit Union's has selected Open Solutions' The Complete Credit Union Solution (TCCUS) for its core data processing needs.
FirstDay joins a growing number of credit unions that will be utilizing TCCUS in an outsourced environment via Open Solutions' Technology Outsourcing Center located in Glastonbury, Connecticut.
FirstDay Financial FCU, which has five branches located in the metro Dayton area, was originally chartered in 1935 with the focus of serving teachers in the Dayton area. Today, the community-chartered credit union has expanded its field of membership to include all residents of Montgomery, Preble, Miami and Greene counties.
"As our field of membership continues to grow," said Lee Spivey, CFO of FirstDay Financial Federal Credit Union, "we needed a system that could offer us a competitive advantage over some of the other financial institutions in the area. Selecting TCCUS via Open Solutions' Technology Outsourcing Center was a logical choice for us. The decision came from our strategic vision to offer more flexible products to our members, take advantage of added system features, such as small business functionality, and to integrate with other systems and providers, such as ATMs and Visa. We are in an ever-changing market, and to remain competitive, we need the technology and services that supply efficient and dynamic platforms. We believe that Open Solutions will help us to further strengthen our member relationships."
Open Solutions' open based core technology and integrated applications have been designed to help credit unions like FirstDay leverage an outsourced environment while allowing the credit union to provide the most up-to-date technology to its members.
In addition to TCCUS, FirstDay also selected a suite of other integrated Open Solutions products including Open Solutions' cView (CRM/business intelligence software), e-Commerce Banker (Internet banking and cash management tools), Imagic 21 (Check 21 and imaging solutions), Open Solutions' loan origination, Open Solutions' financial technologies (asset/liability, profitability, general accounting), and Open Solutions' Maxxar (interactive voice response) solutions.
Senior Vice President and General Manager of Open Solutions' Credit Union Group, Gary Daniel, said, "From inception, The Complete Credit Union Solution was designed to make it easier for credit unions to know their members better and expand relationships with their credit union member base, as well as provide personalized service and product offerings."
Vice President of Marketing at FirstDay Financial FCU, Toni Lindsey, believes the Open Solutions core platform will improve the ability to better know its members and target products to their specific lifestyles. "Selecting TCCUS was easy because of its member-centric foundation. The credit union wanted a system that could provide a snapshot of all the accounts a member had with us so we could determine complementary products that would enhance their relationship with the credit union.
"For instance, if we wanted to target members age 18 - 35 for a special promotion, TCCUS will allow us that flexibility. The system is simple, easy to navigate and very flexible. It will help us be more responsive to our member needs and provide them with better service."
By gaining a better understanding of its members' financial needs, FirstDay anticipates becoming more competitive with other credit unions and banks in the area. According to Spivey, the credit union wants to become less dependent on paper. "Imaging is a direction in which we want to move. Being able to capture a transaction and have an immediate signature will be very beneficial for our overall operations. That requires having the right system in place, and we believe that Open Solutions' technology will help us achieve our goals."
"With Open Solutions' credit union technology platform, we are able to select products that best fit our members' needs," Spivey said. "Understanding what credit unions need is paramount, and Open Solutions made it a point to understand our unique needs and provide us with options to address those needs."
Louis Hernandez, Jr., Open Solutions chairman and CEO, said, "We believe our solutions offer credit unions the choices and product flexibility they want. Open Solutions' TCCUS was designed to enable our clients to expand and better meet the needs of their members. We look forward to a long partnership with FirstDay and to helping them achieve their strategic objectives."