Service bureau operator COCC in Avon, Conn., is now offering the first of a set of applications it says will help its credit union and community bank clients adapt their own technology more rapidly to changing market conditions.
The client-owned company is using an app store approach that bypasses the typical method of upgrading core systems through large-scale software releases or total platform conversions, COCC says.
COCC provides technology services to more than 165 financial institutions, including about 40 credit unions, the company said. Its core platform is an outsourced version of the DNA platform from Open Solutions Inc. in Glastonbury, Conn.
That fellow Connecticut company’s new app store also is being used by COCC to host the applications it’s offering its clients. So far they include several audit reports, including failed logins, Experian commercial loans and CIF maintenance.
Coming up soon is a real-time alerts app that will trigger consumer notices via third-party home banking providers on 20 different conditions or activities, said COCC spokesman Robert Bessel.
“These are a big improvement over the once-per-day alerts currently available from most home banking providers,” Bessel said.
The app store allows clients to browse, review and try for free various solutions for specific needs, and to quickly deploy the apps they choose to use, COCC said.
“Speed of implementation of new functionality has become a critical issue for today’s financial institutions, especially as they are called on to respond more rapidly to diverse service demands,” said Joe Lockwood, COCC’s chief operating officer.