San Diego-based core processor Corelation, Inc., has signed $5 billion Pennsylvania State Employees Credit Union (PSECU; 429,000+ members; Harrisburg, PA) to convert to its KeyStone platform.
The new partnership represents an important milestone for both organizations, and was consummated with the expectation that each party will help to unlock the other’s untapped potential.
PSECU began their core search with a blank canvas, asking the owners of each line of business to compile a list of features they would need to make a core conversion worthwhile. The resulting set of directives gathered not only independent and specific functions, but also established clear themes of how the credit union saw itself performing in the future: ease-of-use for front and back office staff alike, customization options to manipulate and present data on demand, standardization of workflows across the organization, and most importantly a tool that helped PSECU to connect with and proactively serve its members across all channels.
The investigation that followed led them to KeyStone, a technology that combines those features with a forward-thinking software foundation ready to adapt to the themes of the future. As PSECU President/CEO Greg Smith summarized, “We believe that utilizing Corelation’s KeyStone core will create strategic game changers and new efficiency opportunities for us. We hope to increase our efficiency by automating and streamlining a myriad of functions within our credit union. Our ultimate goal is to best serve our members with the best tools on the market today.”
PSECU believes KeyStone’s intuitive browser-based system will reduce training time for front line staff, will allow for the display of all relevant member information in one place, and will give them the opportunity to focus on the human being whom they are serving, rather than the various financial statistics that person generates. They plan to leverage the KeyBridge API to integrate top-of-the-line vendors more tightly than ever before. And they foresee building on this software and on this corporate partnership over time.
Corelation sees this agreement in much the same way – as the beginning to something very special. When it came time to sign the contract, the catalyst to come to agreement was less about the match between PSECU’s technology needs and the KeyStone product as it was about the complement of the organizations’ strategic objectives.
As Corelation President/CEO Theresa Benavidez put it, “Having such a forward-thinking credit union join our KeyStone family firmly meshes with our proactive culture and our company’s future direction. It’s obviously great for both PSECU and Corelation, but it’s equally great for the industry when two innovators can work together and create amazing technologies that will boost the relevancy of credit unions in today’s increasingly disruptive environment.”
This partnership will have an immediate effect for each organization, and holds the promise of an even greater impact over time. PSECU represents the 67th and largest of Corelation’s partners, with 50 credit unions live on KeyStone today.
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