This credit union will save $100k per year after core conversion
Core conversions aren’t typically driven by a desire to save money. Like most other credit unions, SnoCope Credit Union started shopping for a new core system because it needed a technology upgrade. The $55M, 6,200-member institution found the upgrade it needed in CUProdigy, as well as the potential to save up to $100,000 per year.
According to SnoCope CEO Steve Ellis, converting to the CUSO’s core will save the credit union money in three different ways.
“First, we’re going to be saving about $7,000 a month on our data processing bill,” Ellis said. “Plus, I’m going to be able to eliminate a number of third-party products because CUProdigy has the necessary features built in.
“And finally, on the third-party products we do decide to keep, CUProdigy will integrate them for free,” he added. Ellis said the incumbent core processor charged both up-front and monthly fees for most of their third-party integrations.
“What it all adds up to is, we’ll have significatltly better core technology, considerably more options, seemless third-party intergations, and all at a much more affordable cost,” Ellis concluded.
“We understand credit union margins are tight and believe in delivering maximum value as part of our dollar per member per month pricing”, said CUProdigy CEO Anthony W. Montgomery. “Whether that value is built-in functionality, free integrations, or all-inclusive support, we really want our credit unions to prosper.”
About SnoCope Credit Union
SnoCope was started in 1959 by a group of employees from Snohomish County. In the early days transactions were done at lunch time at an employee’s desk.In 1983, Snocope moved to its present site at 3130 Rockefeller Ave., for several years renting out part of its building to Snohomish County Departments. Due to its growth, the credit union now occupies the entire building and has become state-chartered, able to serve anyone that lives, works, worships, regularly conducts business or goes to school in Washington state. Additional information is available at www.snocope.com.