Open Solutions, Glastonbury
Livonia, Mich.-based Co-op Services Credit Union has selected Glastonbury-based Open Solutions Inc.’s member-centric core enterprise platform, The Complete Credit Union Solution, and other complementary applications to address its data processing needs. Open Solutions is a provider of integrated enabling technologies for financial service providers across the United States, Canada and other international markets. The credit union has approximately $280 million in assets, 45,000 members and six locations.
“We took the opportunity to evaluate what our credit union really needed in a core operating system, both for now and into the future,” said Tony Carnarvon, chief executive officer of Co-op Services Credit Union. “To get to the next level, we needed an open architecture system that was flexible and would help us gain operational efficiencies across the credit union. Our team selected Open Solutions after a process of extensive research on a range of data processing solutions. We believe The Complete Credit Union Solution will allow us to provide our members with the innovative products and services they want and need.”
The Complete Credit Union Solution is a relational, enterprise-wide core data processing platform designed specifically for credit unions. Built on a single, centralized relational database, it is an open architecture application that integrates core data processing with member-centric applications such as Internet banking, member business services, business intelligence, financial accounting, imaging and interactive voice response solutions.
“We wanted a system that was designed around the member and not an account number,” Carnarvon said. “Open Solutions uses a relationship-based approach that brings the entire member account relationship together in one view. With Open Solutions’ relationship management capabilities, we will be better suited to inform our members of products that meet their financial needs so we can increase and strengthen existing relationships. This is a priority because our members are very important to us.”
In addition to The Complete Credit Union Solution, Co-op Services Credit Union will implement Open Solutions’ e-Commerce Banker (Internet banking and cash management), Financial Accounting Suite (general ledger, accounts payable and fixed assets) and cView (relationship management/business intelligence) applications.
“Over the past few years, we’ve seen Open Solutions’ commitment to the credit union industry continue to grow,” Carnarvon continued. “Our expectations are high and I am confident we’ve selected the right technology partner. Open Solutions’ philosophies and long-term strategic vision are aligned with ours, and I believe our organizations will grow together.”
Open Solutions Chairman and Chief Executive Officer Louis Hernandez Jr. said, “Open Solutions is dedicated to continually providing our clients with the types of enabling solutions that improve the level of service they can offer their members. We have designed our technology offerings and solutions to make it easier for credit unions like Co-op Services Credit Union to offer personalized products and real-time financial solutions to their members. I am pleased they have selected Open Solutions for what we believe are the many advantages that our industry-focused solutions can give them in today’s competitive marketplace.”
Bank Program Increases Payout
Essex Savings Bank has reported another record payout for its Community Investment Program of $292,000, representing a 16.8 percent increase from $250,000 a year ago.
The bank’s program provides financial support to more than 200 nonprofit organizations that provide service, talent and energy to communities. The bank annually commits 10 percent of its after-tax net income to qualifying organizations within the immediate market area consisting of Chester, Deep River, Essex, Lyme, Old Lyme, Old Saybrook and Westbrook. By the end of the year, a total of $2,117,000 will have been distributed since the program’s inception in 1996.
Essex Savings Bank customers determine 30 percent of the fund allocations each year by voting directly for three of their favorite causes, charities or organizations that have submitted applications to participate. Ballots will be available at all Essex Savings offices between Feb. 1 and March 15 to determine an allocation of $87,500. The banks’ directors, senior officers and branch managers distribute the remaining 70 percent, or $204,500.
