Wescom Credit Union said that it has reached an agreement with Integrated Data Systems (IDS) to purchase that company's 50% stake in Wescom IDS and make it a wholly owned subsidiary of the credit union. Wescom IDS provides software and interface solutions to credit unions. Wescom CU and Integrated Data Systems formed Wescom IDS-a 50/50 partnership-in January 2002.
The company now has 15 new products, implementation, and customized support, and signed 20 credit unions in its first year of business.
"Our first year performance and success has been dramatic," said Wescom IDS President Ann Marie Michael. "Given our outstanding performance as a start-up company, we believe there is a tremendous opportunity for Wescom IDS to achieve much more."
Michael will continue to serve as president of Wescom IDS, managing and overseeing its day-to-day operations. Dave Benning will serve as vice president of technology and support Wescom IDS' technology initiatives. Both Michael and Benning will be a part of Wescom Credit Union's executive team reporting to Rob Guilford, the credit union's senior vice president of information technology.
Meanwhile, Wescom IDS said it has combined its online loan application solution with Experion System's "trusted advisor" Interactive Loan Suite product to provide credit unions with an innovative end-to-end loan solution.
"This solution streamlines the process for members when making purchasing decisions regarding complex financial loan products and services.," the company said. "The two products-combined-now take the credit union member from financial advisement to lending fulfillment in one easy process."
The loan solution works by using Experion's "trusted advisor" technology (Interactive Loan Suite) that asks a series of financial questions to the member who can opt for the assistance of a credit union branch or call center personnel. This technology then provides advice to the member based on their financial situation. At this point, the Wescom IDS loan application software prompts the member to fill out the application for a loan. The software also has the capability to validate the member and prefill their application based on information available from the host. Upon approval, the loan is then fulfilled.
Mission Federal Credit Union, San Diego, which is the first financial institution to implement the technology, is currently in the final testing phase of the product-aptly named Automated Lending Solution (ALS). Mission FCU looks to release ALS to their members in the 2nd quarter of 2003.
Wescom IDS is a partnership between Wescom Credit Union and Integrated Data Systems, a financial software solution provider. For info: www.wescomids.com.