MELBOURNE, Fla. — To modernize its cross-departmental technologies, Space Coast Credit Union decided to adopt a new core platform that its executives say will complement ancillary product offerings.
"Replacing the core system is the first and most important phase of this modernization initiative, since virtually everything we do touches the core," said Space Coast EVP and COO Timothy Antonition.
Undertaking a core conversion is no easy task. Antonition explained that a Space Coast CU team conducted market due diligence and vetted vendors before making a familiar decision.
"We evaluated a number of options and looked closely at one other competitor to DNA," he said. "At the end of the day we felt that there was really nothing else that readily compares to the open architecture and capability potential of DNA and the Fiserv relationship."
The $3.2 billion credit union, which supports 292,000 members and 954 employees at 58 locations, has maintained a long and successful relationship with Brookfield, Wisc.-based Fiserv, according to the CU's SVP of Information Services Alan Lewis.
"It is the familiarity and focus on a continued and deeper partnership that will aide in our transition to the Fiserv DNA core processing solution," said Lewis. The CU had previously used Fiserv's Spectrum core-processing system.
A Core with Longevity
Credit union executives say the selection ultimately was based on scalability and longevity.
"It offers a modern, industry standard technology platform that has long-term positive implications for our credit union membership and open architecture makes it a platform we can continue to build upon for at least the next 20 years," said Antonition.
The DNA platform will also support and interface the DNA Creator development suite, CRM and BI offerings for DNA, Nautilus Enterprise Content Management, Prologue financial accounting and Oracle Enterprise database solution, noted Lewis.
"Because of the open architecture of DNA, all of these products are directly integrated with the core," said Lewis. "We also are continuing to use WireXchange for payments and Fiserv EFT processing solutions."
Steve Cameron, president of the Open Solutions Division at Fiserv, said Space Coast has joined more than 50 financial institutions that have adopted DNA during the last two years.
"We are honored to have SCCU select DNA from Fiserv, and we're proud of the strong momentum DNA continues to enjoy," Cameron said.
To ensure a streamlined roll out, Antonition noted that 90 employees have been assembled to start the transition to the new core and work is underway.
"We view the core conversion as an opportunity to improve processes and gain efficiencies that will ultimately benefit the membership. Employees are energized about the possibilities," said Antonition.
"They are now able to see the future of how we will deliver service," he added.
Though it's still too early in the process to project ROI and real-time member benefits, Antonition and Lewis are hopeful
"We expect DNA will enable us to transform our work processes, operate more efficiently and significantly improve the digital, real-time experiences we create for our members," said Antonition.
