Home-Grown App Monitors Troubled Loans
Like most financial institutions, Greylock Federal Credit Union in Pittsfield, Mass., has been under regulatory pressure to better monitor its riskier lending relationships. It used to be that a loan officer would need an average of two-and-a-half hours to produce a report on a single problem account, but CIO Kevin Zimmer and his team changed that when they built an application that automatically assembles the data and produces those same reports. The application was built using the DNA creator toolkit from Fiserv. Since its launch last year, the $1.2 billion-asset Greylock estimates that it has saved more than 1,000 employee hours. "The review process is like getting a root canal, our app takes a lot of the pain away," Zimmer says.
Customers Bancorp Builds Mobile-Only Bank
Customers Bancorp in Wyomissing, Pa., recently became one of the first banks in the country to provide mobile bill payment by letting customers take a picture of a bill with a smartphone. But it's also in the midst of a bigger project: building a "high-tech, high-touch" mobile-only bank
that will target a demographic that feels no particular affinity toward traditional banks. The $4.2 billion-asset bank is building technology to let customers do anything they might have previously done in a branch, such as apply for a mortgage, from a mobile device. It expects to have all the pieces completed and ready to launch on Apple and BlackBerry smartphones by the third quarter. "We want to make banking through mobile effortless and quick, always accessible and, of course, safe," says President Warren Taylor.
Orrstown Heads to the Cloud
Orrstown Bank in Pennsylvania has been undergoing an IT transformation
in recent months that has the once-troubled bankit lost close to $70 million in 2011 and 2012primed for growth. The overhaul, led by its IT team, includes migrating to a new core processing platform and ambitious plans to redesign its digital channels. The $1.2 billion-asset bank is also one of the few that has moved its employees to Office 365, a cloud-based email service from Microsoft. That move that is expected to improve internal communications and reduce Orrstown's overall operating expenses.
Pictured: The team, from left to right: Jeff Gettle, Chris Thompson, Jeff Deppen, Roger Lange and Justin Shirk.