Midwestern Credit Unions Move to Fiserv to Accelerate Growth
Business Wire 19-Dec-2018 8:30 AM
Three forward-looking institutions choose innovative core account
processing platform to increase efficiency and enhance member
relationships
Fiserv,
Inc. (NASDAQ:FISV), a leading global provider of financial services
technology solutions, today announced that Ideal Credit Union, TopLine
Federal Credit Union and Dakota West Credit Union have each selected
Fiserv to modernize their operations and enable efficient delivery of
services to stay ahead of members' changing needs.
The trio of Midwestern credit unions will increase flexibility and
efficiency by using the advanced technology of the DNA®
account processing platform from Fiserv to streamline workflows and
eliminate time-consuming manual processes, freeing up time for
meaningful interactions with members. They also will leverage the ease
of integration and reporting that DNA offers, with all member and
account data stored in a single relational database.
Woodbury, Minnesota-based Ideal Credit Union selected DNA largely on the
strength of its loan servicing capabilities, which are essential for
managing the credit union's large indirect loan portfolio. The $730M
asset credit union also cited the ability of DNA to integrate with other
applications, and the strong suite of customer relationship management
(CRM) and marketing tools from Fiserv that will help the institution
better understand and serve members' needs.
"Fiserv offered the most modern, proven and feature rich platform in the
market today," said Brian Sherrick, president and CEO, Ideal Credit
Union. "The open architecture of DNA and its enhanced APIs enable us to
maintain deep integration with our preferred systems while delivering an
exceptional experience to our members."
Nearby Maple Grove, Minnesota-based TopLine Federal Credit Union, with
$460M in assets, was attracted to the person-centric design of DNA along
with CRM, multi-channel marketing and other tools from Fiserv, which the
credit union will use to advance its strategy of building lifelong
relationships with its member-owners.
"Technology and the way we deliver financial products and services is
ever-evolving," said Tom Smith, president and CEO, TopLine Federal
Credit Union. "The investments Fiserv makes in research and development
show that the Fiserv team is looking to the future and will help us meet
our members' needs."
Dakota West Credit Union, with a high concentration of agricultural and
energy-related lending and large, complex member relationships,
recognized its need for a new technology platform when assets increased
by 150 percent from 2010 to 2015 as the local petroleum industry grew.
"We needed a system that we could grow into in order to serve and build
relationships with members and complex corporate entities, and eliminate
inefficiencies," said Jeff Meyer, CEO of Watford City, North
Dakota-based Dakota West Credit Union. "That's what led us to Fiserv."
Ideal Credit Union will be running DNA in-house, while TopLine Federal
Credit Union and Dakota West Credit Union will be running DNA from a
Fiserv data center.
Recognized
by industry-leading analysts for its technology, user experience and
breadth of functionality, DNA from Fiserv is the first open, real-time
account processing platform built for collaboration. A modern platform
developed using contemporary, standards-based components, DNA provides a
360-degree view of customer relationships and streamlines numerous
front-line and back-office processes.
"With member expectations evolving rapidly, credit unions are
continually looking for ways to sharpen their competitive edge," said
Vincent Brennan, president, Credit Union Solutions, Fiserv. "No matter
where they are located or what type of members they serve, Fiserv equips
credit unions to stand out with technology that enables them to operate
more intelligently and successfully execute strategies to meet the
unique needs of their members."
In a world moving faster than ever before, Fiserv helps clients deliver
solutions in step with the way people live and work today – financial
services at the speed of life. Learn more at Fiserv.com.
About Ideal Credit Union
Founded in 1926, Ideal Credit Union is the 10th largest
credit union in Minnesota, serving more than 52,000 members. Ideal
Credit Union takes pride in being an industry leader. Our volunteer
board understands the importance of investing in the latest technology
and product offerings to serve the needs of our members in this age of
mobile convenience. For more information, visit idealcu.com.
About TopLine Federal Credit Union
Founded in 1935, TopLine Federal Credit Union is the 12th
largest credit union in Minnesota, serving more than 42,000 members in
the Twin Cities area. For over 80 years, we've been the safe, local
banking choice for Minnesotans looking for greater financial peace of
mind. Our full range of personal banking services include checking and
savings accounts, credit cards, car loans, mortgages, business loans,
investments and insurance services—all with convenient 24/7 banking. For
more information, visit toplinecu.com.
About Dakota West Credit Union
Founded in 1941, Dakota West Credit Union is the sixth largest credit
union in North Dakota, serving more than 7,500 members. We are dedicated
to helping our members grow with comprehensive, competitive financial
products partnered with personal, professional service. Our vision is to
consistently deliver essential financial services in the communities we
serve that promote agriculture and commerce while improving the quality
of our members' lives. For more information, visit dakotawestcu.com.
About Fiserv
Fiserv, Inc. (NASDAQ:FISV) enables clients worldwide to create and
deliver financial services experiences in step with the way people live
and work today. For nearly 35 years, Fiserv has been a trusted leader in
financial services technology, helping clients achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
insights and optimization. Fiserv is a member of the FORTUNE® 500 and
has been named among the FORTUNE Magazine World's Most Admired
Companies® for five consecutive years, recognized for strength of
business model and innovation leadership. Visit fiserv.com
and follow
on social media for more information and the latest company news.
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