Canadian Credit Union Extends Relationship with Open Solutions
— Summerland & District Credit Union uses extensive checklist in search for new core system, upgrades with existing provider —
GLASTONBURY, Conn.--Summerland & District Credit Union recently selected The Complete Credit Union Solution®: DNA (TCCUS: DNA), the latest version of the popular relational core processing platform from Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial institutions in the United States, Canada and other international markets. Additionally, the credit union is implementing Open Solutions' Financial Accounting Suite.
Summerland has been a satisfied Open Solutions client for many years, but when it came time to look for a new solution the credit union set out to perform a thorough due diligence of what was available in the market. The credit union’s current system is Visionwest, a product of Datawest Solutions Inc., which was acquired by Open Solutions in 2004.
“Our due diligence included a list of 359 items, each of which had different weightings for different areas based on their level of importance to us,” said Kelly Marshall, CEO of Summerland & District Credit Union located in British Columbia. “The evaluation process helped eliminate some of the biases we may have had by enabling us to compare apples to apples.”
The comprehensive list of items was organized into 10 general categories, including ease of use and staff training; vendor performance, accountability and risks; product architecture, modification and integration; and finally strategy of the vendor. Once the credit union identified the top three vendor candidates in the market, each core system was evaluated and eventually assigned a numerical rating according to final score achieved in each category.
“Several employees participated in the due diligence and each had specific areas of responsibility to score on that matrix, based on their area of expertise,” said Marshall. “We evaluated every component. So, for instance, when we scored the loan origination system, one system may have scored 100 points while the second scored 45 and the third scored 68. As we looked at the totals, we consistently saw Open Solutions as the leader.”
The process took nine months Marshall added, “After test driving all three vendors, it was unanimous.”
“We’re pleased that Open Solutions scored so well on the extensive assessment made by Summerland & District Credit Union in their search for a new core platform,” said Louis Hernandez, Jr., Open Solutions chairman and CEO. “It is a competitive industry and we are pleased to have re-earned their business. In developing our latest product offering we worked closely with our clients to ensure we were on the right track – giving our clients what they wanted and needed in this ever changing and dynamic marketplace. Our teams have worked diligently to make certain the latest release of our relational core processing technology is superior across the board. Being selected by Summerland & District validates those efforts. We look forward to a long continued relationship and to helping them better serve their members.”
Despite the impartial method his credit union used in comparing systems, Marshall acknowledged, “One of the comforts with Open Solutions is we know who we’re dealing with. Going back to the scale, you realize that some salespeople talk the talk, but when it comes to implementation and post-implementation, you’re often left alone. We have confidence and trust in our relationship with Open Solutions.”
About Open Solutions
Open Solutions Inc. offers a fully featured strategic information management product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, technology services, HSAs, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or The Complete Credit Union Solution®: DNA, contact Mickey Goldwasser at email@example.com, phone 860.652.3153, fax 860.652.3156. Visit Open Solutions on the Web at www.opensolutions.com.
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