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The Local Credit Union signs for Corelation KeyStone core-processing system

08 April 2014  |  1161 views  |  0 Source: Corelation, Inc.

"There is no need to purchase a platform that has old architecture in this day and age. It would be like purchasing a 2014 Ford Fusion that has a crank start motor and rumble seat." It was that discerning statement from The Local Credit Union's President/CEO Joseph Hallman that led his credit union to choose Corelation's KeyStone as its new core processing system.

The Local Credit Union ($98 million; 4,682 members; Sterling Heights, MI), formerly Sterling-Van Dyke Credit Union, plans to convert to KeyStone in Q4 2014.

According to Hallman, the inability to expand product lines and aging technology were a couple reasons his credit union decided to look for a new core processor. It was behind in technology, so certain benefits that could improve efficiencies for its staff and increase benefits for members were not within reach. Basic services such as overdraft privilege and payment protection have not been offered to current members. A change had to be made to remain relevant.

"We need to add more and we simply cannot do it with the current technology," he says. "Corelation was the only core software that could offer modern technology to move our credit union forward."

Many core providers are built on old architecture, Hallman adds, as he anticipates changes would then have to be made in a 5-to-7-year period. "We don't want to go through a core conversion and then have to go through a major software enhancement," he says. "So our goal was to find a solution that could move the credit union from 1990 to 2020 - and we did with Corelation."
With Corelation, The Local Credit Union will have current applications to offer members along with efficient processes within the credit union to provide them a better experience for increased value.

"Moving The Local Credit Union forward with our KeyStone technology will enhance the value of their organization exponentially," Corelation President Theresa Benavidez says. "In addition, this conversion from old to new will enable the credit union to maintain, if not increase, its value for many years to come because KeyStone is built with a foundation that allows it to evolve with the latest technology well into the future." 

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