New core increases credit union’s services without increased expenses
Limestone Federal Credit Union going live with CUProdigy Apr. 1
MANISTIQUE, MI (February 8, 2017) — When Limestone FCU ($45M; 4,200 members) started its core search in 2015, credit union CEO Jennifer Watson knew third-party connectivity was a key consideration. Her current core was very limited in this respect, and like most credit unions today, she knew that staying competitive means being able to add new products and services quickly and efficiently. What she discovered is that, thanks to CUProdigy’s simple $1 per member per month pricing, she’s going to be able to add those extra services without spending any more money.
“If you just compare core to core, we’re going to be saving about $10,000 per year,” said Watson. “And because of CUProdigy’s tight integration with our existing document management provider, we’re going to be saving there, too.” Rather than pocket the savings, Limestone is going to invest in additional technology to better serve its members. “Overall, we’re going to be spending about the same,” added Watson. “We’re just going to have a much better system.”
Watson expects the credit union to hit the ground running at conversion. She said it’s been extremely helpful that CUProdigy provides credit union’s access to the system very early on.
“During our last conversion, system confirguration was just us answering questionaires about how we do things, and someone at the core processor configuring the system accordingly, so we basically ended up with a duplication of our old system,” said Watson. “By getting in early and configuring things ourselves, we can make sure CUProdigy is configured to be much better than our current core.” She also said that early system access gave her the opportunity to request some custom programming that will be helpful to Limestone. “That’s another benefit of working with a CUSO,” she said.
“We’re very excited about the progressive, aggressive approach Limestone FCU is taking toward technology,” said CUSO president Anthony Montgomery. “At CUProdigy, we firmly believe that with the right technology, any credit union can thrive, regardless of size.”
About Limestone Federal Credit Union
Realizing the need for affordable financial services, a group of workers from the Inland Lime & Stone Company decided to create Limestone FCU in 1955. They began as an after hours operation at Inland Lime & Stone, upgraded to a local garage, and finally purchased a full-service branch. Since then, Limestone FCU has outgrown their modest beginnings and proudly serves the north shore communities of Lake Michigan.
Based in Layton, Utah, CUProdigy is a technology-focused credit union service organization created to make its member credit unions more efficient and cost-effective through superior, cloud-based solutions. The CUSO offers its own modern, cloud-based core processing platform, as well as core-agnostic cloud-based IT infrastructure services that include a very robust virtual desktop infrastructure (VDI) solution. Additional information is available at www.cuprodigy.com.