Source: Member Driven Technologies
Member Driven Technologies (MDT), a CUSO providing credit unions with a secure, private cloud alternative for core banking and IT needs, today announced that Lanco Federal Credit Union (Lanco FCU) has successfully implemented the Symitar Episys core processing platform hosted by MDT.
Lancaster, Penn.-based Lanco FCU was founded in 1965 to serve the financial needs of high school employees, and operated out of that same school for the first 20 years of its existence. Today, the credit union has four branches, in addition to a student-run branch located in a local high school that serves employees at selected schools in the area. The credit union has recently experienced significant growth, and realized it needed a more robust and flexible solution to help it efficiently scale. By deciding to host the Episys platform through MDT, the credit union has gained a more efficient system that will allow it to introduce more advanced capabilities to members.
The credit union went live on the MDT platform in early February, and the conversion process was extremely smooth. Stacey Hankey, CEO of Lanco FCU, explained, “Lanco FCU is pleased to have upgraded to Episys through our relationship with MDT. Our first day live was steady and seamless, allowing us to maintain the consistent service our members have come to expect. Our staff was well-prepared from the onset, thanks to the quality training that was provided throughout the conversion process. The support offered by the MDT and Symitar teams has been truly exceptional.”
Prior to the conversion, the credit union often had to rely on largely paper-based, manual processes. Now, the credit union benefits from more widespread automation, saving time and boosting efficiencies across several areas of the institution. For example, certain loan processes that used to take the credit union’s staff hours each month to complete have been reduced to a fraction of the time.
Hankey continued, “As a community credit union, we don’t have a huge IT department, and outsourcing via MDT allows our employees to shift their focus from tedious software and hardware maintenance to more strategic and member facing activities. This partnership has also helped us enhance our digital presence; certain features that weren’t available to members before can now be accessed on smartphones or tablets, allowing members to conduct their financial activities conveniently and effortlessly.”
“Forward-thinking credit unions, like Lanco FCU, understand the importance of investing in technology to support long-term growth,” said Larry Nichols, chief executive officer of MDT. “By outsourcing with MDT, Lanco FCU has gained the tools necessary to efficiently scale and compete, without having to sacrifice control or any aspect of member service. We remain committed to arming credit unions with the best possible core processing and IT solutions, and we look forward to working with Lanco FCU as it continues to evolve.”