Credit union core processing vendor, Corelation, Inc., had another healthy year signing and converting credit unions to its KeyStone core processing platform. A couple of its bigger, notable signings in 2017 included PSECU ($5 billion in assets, 149,000+ members) and Sandia Laboratory Federal Credit Union ($2.4 billion in assets, 84,000+ members).
Corelation’s 2017 numbers include:
- 2017: 16 Signings / $11.1 billion in assets (77 signed overall)
- 2017: 17 Conversions (56 live overall)
- 2017: 38 new employees
According to Corelation Director of Business Development Tim Maron, recent changes surrounding business portfolios allowed credit unions of all sizes to compete for member business opportunities – of which KeyStone’s robust capabilities can easily help them gain significant success.
The Corelation team recognized this trend and is well on its way to rounding out a number of new member business features by delivering, as part of its core, the following updates:
- Bulk Deposits
- Participation Lending
- Asset Based Lending (Accounts Receivable)
- Construction Lending
- Indirect Lending
“These added features combined with what was already standard member business functionality allows credit unions to compete as they see fit,” Maron adds.
In addition, he sees member self-service options continuing to expand as the technology allows for it. “Credit unions will now be able to choose for members to perform functions that traditionally could only be done in the branch,” he says. “Also, this may be the year that Big Data actually provides some tangible results for credit unions.”
“Technology will continue to play an important role in positioning credit unions to expand their services to their membership,” states Corelation President/CEO Theresa Benavidez. “This expansion includes creative but traditional financial products, as well as services that we see being introduced in non-traditional financial services companies.
“It’s definitely a very exciting time to be participating in and contributing to the progression of tomorrow’s financial services. Credit unions today are looking for something new, effective, and reliable – and that’s what Corelation’s KeyStone provides,” Benavidez adds. “We are incredibly proud of what our team accomplished in 2017. It’s amazing to experience being on the forefront of providing something very special for credit unions. We look forward to doing much more of the same in 2018.”