COCC Reports Record Growth in First Quarter of 2005
AVON, Conn. - COCC says it had its best quarter ever, signing 38 new service agreements with 26 financial institutions in the first three months of 2005. The agreements cover a range of services, including core processing, financial management, branch image capture and risk management. Six of those agreements were with new clients, including $289 million Freedom Credit Union in Springfield, Mass., and $50 million Stamford Federal Credit Union in Connecticut. The other 20 were with existing core processing users who added more services, and included $1.1 billion HarborOne Credit Union in Brockton, Mass., $68 million Holyoke CU in Holyoke, Mass., and $80 million Cambridge-Portuguese CU in Somerville, Mass. The former Connecticut Online says it now has 135 clients, 36 of them credit unions. The 38 agreements included four core processing contracts, seven for branch image capture, seven for Oracle financials and four for CRM services, with the other 16 for automated risk prevention, network services and Internet security. "Until a few years ago, we limited sales of our strategic products such as check imaging, secure networking, financials and electronic banking products to core clients," says Steve Kayser, COCC's senior vice president of marketing. "We now market these and other strategic products to all financial institutions, regardless of the core systems they use."