State Employees Credit Union (SECU) announced it has selected Open Solutions Inc.'s (NASDAQ: OPEN) The Complete Credit Union Solution, a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs.
Open Solutions is a provider of integrated relational technologies for banks and credit unions across the United States and Canada. SECU will convert to The Complete Credit Union Solution later this year.
The credit union, with more than $774 million in assets and approximately 88,000 members, was formed in 1952 to serve state employees in a three-county area in Michigan. Following tremendous growth since 1952, SECU was granted a community charter in June 2005. This charter change let SECU expand its reach to include 28 counties in mid-Michigan with more than four million potential new members. On April 3, 2006, SECU will be changing its name to NuUnion Credit Union to better reflect its membership.
After merging with Grand Haven, Mich.-based Ottowa County Schools Employee Credit Union in 2004, SECU realized a need for one data processing solution that would support the newly-united credit union. "Both credit unions were using different core data processing systems," said Jim Costello, EVP of SECU. "We elected not to convert them at the time of the merger, but instead chose to begin looking for the most efficient solution that would accommodate our changing needs."
"We evaluated five systems and ultimately selected Open Solutions for a variety of reasons," Costello explained. "Open Solutions enables us to partner with vendors of our choice - some we've done business with for many years and wanted to remain with them. Having an open, flexible architecture allows our current vendors to easily interface with the system. We truly have a partnership with Open Solutions and they are behind our decisions 100 percent. They offer us the support we need to uphold our strategy of being member intimate."
SECU offers its members a considerable selection of product and delivery options, including mortgages, investments, retirement planning, insurances, business services and Web-based solutions. SECU will implement The Complete Credit Union Solution as well as integrated solutions including the Financial Accounting Suite (general ledger, fixed assets and accounts payable) and ProfitVision; e-Commerce Banker (Internet banking and cash management solutions); iMagic (imaging); cView (relationship management tools); Interactive Management Center (IMC); and telephony solutions.
"From a marketing perspective, we are very impressed with the cView solution," said Chris Day, SVP, Marketing. "It's a dynamic, robust and member-focused tool that allows us to see not only the individual member relationship, but all the relationships within the entire household. We can send consistent messages across all channels. This product has so much to offer credit unions to help further enhance member service."
"Open Solutions is a growing, dynamic company that serves all facets of the financial service industry," Costello said. "The company is very future-oriented, much like SECU. We are very excited about this new partnership, and everybody on the team is looking forward to the new capabilities we will have with Open Solutions."
"Open Solutions designed its products to help financial institutions maintain a competitive edge in an ever-changing industry," said Louis Hernandez, Jr., Open Solutions chairman and CEO. "One true advantage to our open architecture is our ability to interface with various third party vendors. Banks and credit unions should not have to buy multiple pieces of middleware to ensure technology applications work. We will provide State Employees Credit Union with increased efficiencies and the ability to better serve its members through all that The Complete Credit Union Solution and our complementary products offer. Open Solutions truly considers SECU a partner, and we are looking forward to a long relationship."