IRONDALE, Ala. —Corporate America Credit Union here is now offering its 500 credit union members IRIS, a multi-device digital banking platform.
"IRIS is one platform for remote RDC, home banking and bill pay all with one vendor," said Corporate America CU's Chief Operating Officer Lisa Coffey. "There is a great advantage to the credit union because they do not have to manage contracts and relationships with three different vendors."
IRIS, offered by the Atlanta-based VSoft Corp., is a device-agnostic platform that allows accountholders to address their financial services needs at any time, according to VSoft Chairman/CEO Murthy Veeraghanta.
"Millennials are quickly becoming the majority of accountholders and shaping consumer expectation, making it critical for credit unions to invest in a digital banking platform to remain relevant and competitive," said Veeraghanta. The solution features a responsive design, eliminating the need for separate products such as Internet, tablet, mobile banking and mobile deposit, he added.
Though no Corporate America's member credit unions have signed up for IRIS yet, Coffey is confident the service will attract many including those that are typically slow to adopt new technologies due to budget constraints.
"Credit unions tend to be a little behind the curve technology-wise, especially for credit unions with assets under $100 million," said Coffey. "Sometimes it is cost-prohibitive for them to offer these types of technically savvy services. But we are starting to get a good response because we are saying: this is a platform you can phase in, under one vendor, and we can save you money."
Among the reasons Corporate America decided to offer its credit unions IRIS is that the customizable, branded solution was designed for both consumer and commercial accountholders. The suite of transactional services include personal financial management, bill pay, P2P, transfers, capability to view check images and ordering checks.
"This was in response to market demand," said Coffey who added that Corporate America works with institutions of all sizes. "With more and more members using multi-devices [for banking], it made sense. This is a brand new technology that lends itself to tablets, mobile phones and even wearables."
Participating credit unions will first start with the remote-capture component, according to Coffey. "We will have to see who their home banking vendor is and see who is providing bill pay and then Corporate America will do a cost-analysis to see if it is more cost effective to do all three services with one vendor."
