Open Solutions Inc. said more than 900 applications have now been downloaded from its DNAapp store since the service launched in May 2011.
The app store allows clients, partners and independent developers to create and share DNAapps to extend the functionality of the Glastonbury, Conn., company’s DNA core processing platforms.
“Having access to DNA’s open technologies has been like being a kid in a candy store,” said Charlie Lai, chief information officer at the $1.7 billion FAIRWINDS Credit Union in Orlando, Fla. He said his credit union recently created a multi-account quick origination app that reduces the time it takes to open multiple new accounts by 90%.
FAIRWINDS can sell the app on the site. The $3.5 billion Redstone FCU in Huntsville, Ala., in fact, launched a consultancy in June to market the applications it had been selling on the DNAapp site.
“With regulations, margin compression and channel proliferation making it more difficult for community-based institutions to compete, collaboration has become essential to help these institutions accelerate innovation, reduce costs and strengthen relationships,” said Louis Hernandez Jr., Open Solutions chairman/CEO.
“By working together, we can outperform, out-innovate and be more efficient than the largest financial institutions in the world,” Hernandez said.