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FOR IMMEDIATE RELEASE
CONTACT:
Deborah Katz Andrew McCaskill
Open Solutions Inc. Media Contact for Open Solutions
860.815.5385 678.781.7210
deb.katz@opensolutions.com
$1.3 Billion Truliant Federal Credit Union Selects Open Solutions’ Enterprise-Wide Relational Data Processing Platform
--Progressive credit union selects modern architecture, gains holistic view of member relationships--
GLASTONBURY, Conn., Feb. 22, 2010 – Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial service providers throughout the United States, Canada and other international markets, today announced from the Governmental Affairs Conference in Washington D.C. that Truliant Federal Credit Union selected its latest core release, DNA (formerly The Complete Credit Union Solution: DNA). Truliant is one of 27 credit unions with assets of a billion dollars or more to have changed core providers since 2005, and the 19th to select Open Solutions.
Truliant Federal Credit Union, located in Winston-Salem, N.C., has more than 181,000 members, 24 locations and $1.3 billion in assets. For more than a year, Truliant engaged 60 of its employees, representing various functions in the organization, in a complex selection process using an in-depth scoring system. Several factors were measured, including the provider’s financial position, functionality of the software, ease of use, strategic position and life expectancy, among others. After narrowing the search to two providers, the credit union selected Open Solutions’ DNA platform.
“A conversion of this magnitude is much more than just an IT decision; it is a significant business decision for the credit union,” said Bob West, CIO for Truliant Federal Credit Union. “We wanted a cross-section of employees engaged in the selection process to ensure all questions were answered — from an executive’s perspective to the end-user on the front line. Previously we were on a legacy system and although we were very pleased with the provider, we knew we needed to explore a different solution for the credit union in terms of future growth and expansion. Our team put together an extensive list of criteria we would require of the new system and began the process to find the provider that could meet all of our needs – current and future.”
“What attracted us most to Open Solutions’ was its member-centric, relational database,” said Ginger Salt, senior vice president of markets. “Member service is often touted by credit unions – but we have strict metrics in place to measure if we are indeed meeting the needs of our members. With DNA, we will have sophisticated tools at our disposal to better serve our members and maintain this commitment. Additionally, Truliant maintains a commitment to provide financial education, to help members make wise financial decisions and to even help them retire debt-free. With a 360-degree view of each member, the credit union will be able to better anticipate our members’ needs and, in turn, provide sound advice. As we grow and attract more and more new members, it is crucial that we have a solution in place that will enable us to continue to offer this type of personalized service to every member.”
“In addition to the complete view of our members, we anticipate being able to process transactions much more quickly and efficiently,” said West. “The solution is easy to navigate and intuitive for the end-user. As a result, we expect production levels to improve and exceed our current member-satisfaction levels.”
Accountability to member satisfaction levels is critical to Truliant’s mission, as evidenced by the obelisk erected in front of the Winston-Salem headquarters and the ambient orbs in each of the member financial centers. The ambient lighting displays member satisfaction levels on a continual basis. When satisfaction is high, the orb glows blue and changes to green and then yellow if satisfaction diminishes.
Enhanced by Open Solutions’ advanced open platform and using .NET technology, DNA capitalizes on the strength of Open Solutions’ unique universal data model and design and its client-centric processes, while greatly enhancing workflow, flexibility, navigation and productivity. Built on a powerful, centralized OracleÒ relational database, the solution provides the flexibility necessary for running a service-oriented financial institution. Available as an in-house or outsourced solution, it helps credit unions streamline both front- and back-office processes and creates a centralized view of members, employees and business partners. In addition to DNA, Truliant Federal Credit Union also purchased Open Solutions’ digital document solution (electronic document management), cView™ (CRM/business intelligence) and Streamlend Velocity® (loan origination solution).
Louis Hernandez, Jr., Open Solutions’ chairman and CEO, said, “Truliant Federal Credit Union shares the same commitment as Open Solutions to leveraging technology to better serve its clients. We are proud to be selected by such a progressive institution that values technology. DNA is built on modern architecture and is designed to help credit unions of all sizes better serve their members. We are invested in Truliant’s success and we look forward to working together well into the future to help them achieve their goals.”
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic information management product platform that integrates core processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, technology services, HSAs, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions, contact Deborah Katz at deb.katz@opensolutions.com, phone 860.815.5385 or fax 860.652.3156. Visit Open Solutions on the Web at www.opensolutions.com.
Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2009 Open Solutions Inc. All rights reserved.
About Truliant Federal Credit Union
Truliant Federal Credit Union is a not-for-profit, financial institution that provides affordable financial services to its member-owners. Truliant was chartered in 1952 and now serves more than 181,000 members and has 24 Member Financial Centers in NC, SC, OH and VA. For more information on Truliant Federal Credit Union, visit TruliantFCU.org.
Editor’s Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company.
Contact Information
Andrew McCaskill
Media Contact
Open Solutions Inc.
678-781-7210
