HONOLULU – The early returns from $566 million University of Hawaii Federal Credit Union's conversion of its core processing to Corelation are big time – as in the savings of large amounts of time.
The CU said prior to converting to San Diego-based credit union core processor Corelation on July 1, its month-end processing took three hours. With Corelation's KeyStone core processing technology, the credit union said the same task now takes 15 minutes.
Time savings also has been realized in day-end processing, which the CU said now takes just five minutes – which has allowed it to eliminate the evening shift for IT.
Jeanine Morse, president and CEO of University of Hawaii FCU, said management has been pleased with the switch to KeyStone.
"After the conversion, which went extremely well, it was like nothing even changed," Morse said in a statement. "After the first three days, it was business as usual on a very efficient, well-designed, and easy-to-use system. It is as if we have been on it for years."
Morse said she has experienced three conversions during her credit union career and has learned to be prepared for such significant projects. "We started planning for this two years ago and I think we did a very good job getting ready – especially cleaning up the data on our old system as best we could for the conversion. And the conversion itself was so 'quiet.' I was amazed with how smooth it went."
Morse said her credit union "now has a core system that works for us, instead of us working for the system." Converting to KeyStone has allowed University of Hawaii FCU to focus more time on members instead of a slow workflow, she explained. For example, on the old system it took 45 minutes to open an account. With Corelation, it takes five minutes – which Morse said allows staff to spend quality time with members to meet their specific needs and build relationships. "Ultimately, Corelation has given us time. It is something we have never had before."
University of Hawaii FCU serves 29,392 members.
Theresa Benavidez, president of Corelation, said, "Everybody worked extremely hard on this conversion. We could not be happier with the outcome. University of Hawaii's staff was a dream to work with."
