Corelation, Inc., had 17 credit unions convert to its KeyStone core processing system in 2017, and the firm recently signed the $5 billion-asset PSECU and $2.4 billion-asset Sandia Laboratory Federal Credit Union.
In 2017, the vendor had 16 credit unions sign for core conversions, 17 credit unions convert to Corelation’s core and hired 38 new employees. Overall, Corelation now has 56 credit unions live on its platform.
Recent changes to the vendor’s surrounding business portfolios allowed credit unions of all sizes to compete for member business opportunities, Corelation Director of Business Development Tim Maron said in a press release.
Corelation is working to deliver new member business features as part of its core, including: Bulk deposits, participation lending, asset based lending (accounts receivable), construction lending and indirect lending.
“These added features combined with what was already standard member business functionality allows credit unions to compete as they see fit,” Maron said, adding the prediction that member self-service options will expand as the technology allows for it.
“Credit unions will now be able to choose for members to perform functions that traditionally could only be done in the branch,” Maron said. “Also, this may be the year that Big Data actually provides some tangible results for credit unions.”
This expansion will include traditional and non-traditional financial products, Theresa Benavidez, president and CEO of Corelation, said in a press release.
“It’s definitely a very exciting time to be participating in and contributing to the progression of tomorrow’s financial services. Credit unions today are looking for something new, effective, and reliable – and that’s what Corelation’s KeyStone provides,” Benavidez said in the release. “We are incredibly proud of what our team accomplished in 2017. It’s amazing to experience being on the forefront of providing something very special for credit unions. We look forward to doing much more of the same in 2018.”
