Jack Henry & Associates Inc., a company that provides core processing services to financial institutions, announced that Dade County Federal Credit Union selected its Symitar Episys core system for in-house processing.
Jack Henry explained that Dade County FCU, a $674 million-asset institution based in Doral, Fla., will replace a core platform that it has had for more than 20 years. The credit union recognized that its current system was "no longer running effectively," and sought to partner with a core provider that would deliver an experience "compatible" with member expectations – particularly for its "growing base of millennials."
Indeed, according to Millennial Banking Insights and Opportunities, a report conducted by FICO, 80% of millennials handle their banking activities digitally.
"While every generation of members is looking for the benefit of modern banking technology, we must especially embrace how the maturing millennial population wants to do business with us," Annie Wilkinson, executive vice president at Dade County FCU said in a statement. "Symitar's Episys will bring us enterprise system automation, vast flexibility to optimize our core's performance, and new functionality to better tailor competitive products and services.
Ted Bilke, president of the Symitar division at Jack Henry, added that Dade County FCU found itself in the position of having a core that did not completely align with the credit union's strategic direction.
"The Episys system is designed to facilitate growth by meeting the challenges of today's banking environment head-on," he said. "We are excited to see the positive change driven at Dade County Federal Credit Union, and across our more than 680 other Episys credit unions."
