Survey: Half Of Financials Considering DP Change
ATLANTA-i-flex solutions inc., a provider of integrated IT solutions for financial services institutions, said that it has found in a survey it conducted that almost half of the companies surveyed are considering replacing their core banking application.
The survey also found that 74% of respondents consider customer relationship management, business intelligence and analytic applications as the technology implementation that will have the greatest impact on their organization's bottom line over the next two years. i-flex solutions used customer feedback to create a survey that accurately reflects the most pressing issues facing technology implementation decision-makers.
Among the other findings:
33% consider ease of implementation and integration with existing technology an important factor when replacing their organizations core banking solution.
* 38% ranked compliance with government or central bank regulations as their organization's top priority in 2003.
29% consider flexibility to address customer demand an important factor when looking at a core banking replacement .
* 27% plan to outsource IT projects to offshore providers The survey was conducted on the show floor of BAI Retail Delivery Conference and Expo in Atlanta.
Day Air Redesigns Site; 200 Pages Are Added
KETTERING, Ohio-Day Air Credit Union has launched a redesigned website at www.dayair.org. The new site includes the creation of more than 200 pages of material. "We wanted our website to be a branch office our members could visit from their home, their office, or their hotel room, at their convenience," said CEO Bill Burke. In addition to a new look, this required the creation of more than 200 pages of material. "Daunting and rewarding," was how Jill Lingo, Director of Marketing, and the project's leader described the task. "Anytime you take on a project this robust it will be a challenge, the rewarding part was seeing how willing each department and every associate was to help create the material." Burke said the credit union has already been able to measure response due to a "considerable increase" in related inquiries.
USAlliance Selects XP Systems
MOORPARK, Calif.-XP Systems, a unit of Fiserv, Inc., said that USAlliance Federal Credit Union of Rye, NY., has selected it as its new information solution provider. USAlliance FCU chose XP2, XP Systems' latest in-house solution. The company said that working closely with USAlliance, XP Systems is developing a customized stock portfolio management product, which was a key element driving the credit union's decision. The stock portfolio product will allow USAlliance to have stocks and mutual funds in a member's investment account. According to Bruce J. Simons, Senior Vice President of Information Services at USAlliance, the new product will work in conjunction with the Credit Union's Financial Services CUSO, Affina Brokerage Services, LLC.
"Our key objectives at USAlliance FCU include providing member value and growing our membership," said CU CEO Michael F. Ambrose. "XP Systems listened carefully to our requirements for stock portfolio capabilities, and convinced us that XP2 is the best system for achieving our unique service objectives."
For info: www.xpsystems.com.
OSI Honored With Listing
GLASTONBURY, Conn.-Open Solutions Inc. (OSI), a provider of integrated enabling technologies, has been named to, Deloitte & Touche's "Technology Fast 50" Program for Connecticut, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage of growth in fiscal year revenues from 1997- 2001 (five-year period), during which OSI's revenues increased 297%.
Separately, OSI said its clients can now use Advanced Software Design's (ASD)SAND (Self-Authenticated Negotiable Documents) system for fraud prevention. SAND, a secured suite of check fraud prevention solutions designed as a closed-loop business development tool, offers protection against counterfeit checks and forgeries, as well as provides anti-fraud protection for the paying institution and the institution of first deposit, the company said. It enables organizations to print an encryption code, containing payment information, directly on to the item when it is disbursed. The encryption code can then be read electronically or manually when it is presented through in clearings, proof, merchants, or at teller stations. The companies said that one survey showed that in 1999 69% of all commercial banks suffered fraud losses totaling more than $679 million. For info: www.opensolutions.com.
Kinecta Conversion Goes Smoothly
MANHATTAN BEACH, Calif.-The $3-billion Kinecta Federal Credit Union has completed its conversion to Symitar's Episys solution, in the process becoming the 300th credit union to become a client. According to the credit union, the conversion took place over a weekend with no problems. "We went live on our new system at 5:50 p.m. on Sunday night, well ahead of schedule," said KFCU CEO Tom Graham. "Our first full day on the new system came on the heels of the Thanksgiving weekend, and it was a very busy one. Member traffic was unbelievable, yet it moved quickly. Thanks to a great system and tellers who were well trained and confident, we handled a record number of member t.ransactions. For info: www.symitar.org.
Digital Dialogue, ULTRADATA Agree
AUBURN HILLS, Mich.-Digital Dialogue said it has reached an agreement with Harland Financial Solutions, parent to ULTRADATA Systems, to offer Harland's client credit unions access to Digital Dialogue's call center and automated lending services. According to the companies, the partnership combines Digital Dialogue's expertise in call center and web lending operations with Harland's strength in the financial services arena. "The ULTRADATA Systems Product Lending Call Center will save credit unions a great deal of time and increase productivity," stated Prasad Janardhanan, product manager, Harland Financial Solutions. "It has the ability to attract potential members and this offers the credit union a tremendous opportunity to upsell and cross-sell other credit union products."
For info: www.digital-dialogue.com.
Fall River Municipal Picks USERS
FALL RIVER, Mass.-The $206-million Fall River Municipal Credit Union has selected the DataSafe On-Line system from USERS Inc. a unit of Fiserv, Inc. Users said its DataSafe On-Line system is in use by more than 160 credit unions, and offers the same open architecture, browser-based environment, and robust functionality as USERS' widely used DataSafe In-House system.
Berta Varao, information/e-commerce manager with Fall River Municipal, said its search for a new system involved 10 core system suppliers before settling on USERS, and said it made the choice based open architecture, browser- based solutions, and tight integration of the most important system functionalities. "USERS' open database structure, the adherence to standards like OFX/XML, and the ease of integrating third-party products all stood out against the other suppliers we evaluated," she said.
For info: www.users.com.
Delcomp To Market CU*BASE
KENTWOOD, Mich.-WESCO, a credit union service firm, and Delcomp/SOFTEK, a computer services provider, have announced plans for Delcomp to market WESCO's CU*BASE data processing system to credit unions in Michigan's Upper Peninsula and in the Northern Wisconsin marketplace. The two organizations also announced plans to partner in providing Image Check Processing and PC networking, hardware and support services. CU*BASE is a core solution incorporating a wide variety of processing applications and components and is offered in both an ASP (service bureau) and self-processing operating environment. CU*BASE currently has 88 credit unions representing more than 650,000 CU members. CU*BASE currently supports an on-line network incorporating more than1,700 devices.
For info: www.cubase.org.
