Thought process behind selecting a new core system. (Source: Shutterstock)
A core change is more than swapping fintech. It also can transform a credit union's branding, environment and culture, such as what two institutions discovered after their Fiserv DNA conversions.
The $843 million Seattle Credit Union, is about two years into successfully changing some of their branches from traditional to active and engaged financial community centers; and the $1.01 billion Austin, Texas-based Amplify Credit Union is just over six months into its conversion, which put team members at the forefront of their planning process.
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DNA from Brookfield, Wis. -based Fiserv is an open account processing platform that provides credit unions with the flexibility and scalability to support new products and expand business models while delivering a 24/7 real-time experience.
Located in the middle of a technology hub, which includes Amazon, Expedia, Facebook, Google and Microsoft, Seattle Credit Union aspired to a similar personalized experience these tech giants provide.
To get there the credit union:
- Removed the traditional teller lines and barriers to member interaction.
- Created a space allowing meaningful engagement, including tables where members and tellers could collaborate.
- Implemented tablets with so associates could easily access the DNA platform during member consultations.
The credit union wanted to create environments where members had a voice, especially around something as personal as their financial wellbeing. The credit union decided for a more open floor plan, with what they call collaboration spaces instead of teller lines.
Amplify Credit Union did not make their decision to switch to Fiserv's DNA lightly. When it became apparent, they needed a change from their two-decades-old core, the credit union moved forward with the right conversion group in place.
Amplify pulled team members from all departments into a cross-functional team, which by the time they flipped the switch numbered almost 40 employees. They also added a leadership position in its training department to ensure the entire credit union would be ready to go live April 1, 2019. That entailed creating customized training materials that matched Amplify's unique deployment of its new core and a staffing plan.
Read more about a couple of credit unions conversion to DNA from Fiserv in the November 20th issue of CU Times.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
