Eli Lilly converts to Open Solutions' DNA
23 September 2010 | 1971 views | 0
Source: Open Solutions
Eli Lilly Federal Credit Union completed a successful conversion, moving from a legacy core platform to Open Solutions' modern DNA™ enterprise-wide relational core platform to manage its processing needs. Open Solutions Inc.® is a leading provider of integrated enabling technologies for financial service providers throughout the United States, Canada and other international markets.
Headquartered in Indianapolis, Ind., Eli Lilly Federal Credit Union has more than $954 million in assets and six branches serving approximately 48,715 members. The credit union cited the ability to improve operational efficiencies, enhance member relationships and expand the range of products offered to members as the primary reasons for selecting Open Solutions' DNA.
"We realized the platform we have used for decades was not keeping up with our growth," said Susan Rohr, CIO for Eli Lilly Federal Credit Union. "We examined several other providers and narrowed our top choices to three providers. Out of the three, Open Solutions offered the most modern technology, and was the only relational, open platform. Our primary goal in upgrading our technology was to provide better services to our members, and we were very impressed with the member-centric database that only Open Solutions offered. After we completed the necessary due diligence, including site visits and talking to other Open Solutions clients, we determined that DNA aligned and supported our business strategies and goals."
Eli Lilly FCU is now one of more than 400 financial institutions that are running Open Solutions' DNA, which capitalizes on the strength of Open Solutions' unique universal data model and design. That design, and its member-centric processes, greatly enhance the workflow, flexibility and productivity at credit unions running the system. DNA is available in-house or outsourced — Eli Lilly is leveraging DNA in the shared services environment to better streamline both front- and back-office processes and create a more centralized view of members, employees and business partners. Eli Lilly completed its conversion in one weekend and Rohr credited the success of the conversion to Open Solutions' team of experienced professionals and to the detailed project plan all participants executed.
"Completing a conversion of this magnitude is a daunting task," said Rohr. "It can be overwhelming, there are so many moving pieces and parts that need to be managed — all with minimal to no disruption to the members. Open Solutions' brought a wealth of knowledge to the table based on their years of managing conversions. Together, we developed a very detailed project plan, conducted on-site readiness assessments and ran test scenarios leading up to the actual conversion. We created and executed an extensive communication plan to our members at various stages of the process. All of the prep work and organization ensured we were ready to move all data and systems to DNA. All of our delivery channels were converted and functional on schedule."
Open Solutions' Industry Best Practice Implementations Methodology was developed based on years of experience and consists primarily of seven steps: initiating the core conversion, thoroughly planning the process, conducting first and second data cuts to verify that data will convert, going live, transitioning from the vendor support team to a client services team, and ensuring ongoing client care. Each step requires different documentation and tasks that must be completed before moving to the next step, and quality gates are included in the conversion process to establish important milestones and ensure completeness. This proven approach to conversions minimizes the impact a credit union may experience during an implementation. Additionally, Open Solutions relies on a command center to ensure the highest level of responsiveness to address any issues or questions that may arise.
In addition to DNA, Eli Lilly Federal Credit Union selected Open Solutions' cView™ relationship management tool; Interaction Management Center (IMC); the Financial Accounting Suite (FAS); investor reporting; real-time ATM processing; premium overdraft; and open data services.
Chairman and CEO of Open Solutions, Louis Hernandez, Jr., said, "In addition to offering financial institutions the most modern, proven technology platform in the market, we also bring a wealth of experience to the table, which is invaluable on conversion weekends. Open Solutions' conversion methodology is unmatched — we are able to anticipate and avoid most obstacles that may occur during the process. Our team is experienced and dedicated to making this process as seamless as possible for our clients and their members. This truly is an area in which Open Solutions' excels and we are pleased with the success achieved at Eli Lilly Federal Credit Union."