The platform approach sweeps across the United States, as three more credit unions announce expansions with Temenos Lifecycle Management Suite
Maps Credit Union, Hudson Heritage Federal Credit Union and Guardian Credit Union select Temenos for the power and flexibility provided by the Lifecycle Management Suite
MALVERN, PA (March 20, 2019) — Temenos (SIX: TEMN), the banking software company, announced that three credit unions expanded their existing relationships with Temenos to include additional modules of the Temenos Lifecycle Management Suite. Maps Credit Union, Hudson Heritage Federal Credit Union and Guardian Credit Union will now benefit from increased agility and efficiency by taking advantage of the holistic view of account holder relationships from origination to managing distressed assets.
Maps, a community credit union serving the Mid-Willamette Valley of Oregon with more than $741 million in assets, added Temenos Origination for lending and account opening to its existing collection relationship. Maps opted for the platform approach to support its goals of increasing membership, providing superior member experience, increasing efficiency of the onboarding process, and improving the loan decisioning process.
Toni Silbernagel, Senior Vice President of Lending, Maps Credit Union, stated, “At Maps Credit Union, ‘Every Member Benefits’. Our goal is to help members navigate life’s great adventure at every stage, and to do that we needed to revamp the technology that onboards our members, and ensure that we provide a seamless experience whether in-person or online. With the Lifecycle Management Suite, we gain streamlined underwriting and workflow capabilities, a holistic view of our account holders across the collections and lending departments, and optimized front-end features for a user-friendly application experience. This will improve our ability to serve our more than 64,000 members, and to continue to grow and contribute to the community. ”
Hudson Heritage, headquartered in New York with assets of over $400 million, went live on Temenos Origination for lending in November. The credit union has now signed for Temenos Origination for account opening, and added mobile and online onboarding features, in order to deliver a seamless experience for its 40,000 members.
Michael J. Ciriello, President and CEO, Hudson Heritage Federal Credit Union, commented, “We are committed to helping our members get where they want to go, which means we are constantly looking to improve and deliver a highly accessible and intuitive experience as new needs arise. Temenos Origination for account opening will provide our members with a streamlined, modern experience that meets them where they are, whether in the branch, in the home or on the go. The platform approach will generate efficiencies as well, and enable our staff to provide a consistent, best-in-class experience, tailored to the needs of the member.”
Guardian, with $487.5 million in assets, signed for Temenos Origination for lending and account opening in 2018. The Alabama-based credit union signed for the Temenos Collection module thanks to the configurability of the system and Temenos’ strong expertise in the credit union and collections space.
Joe Robison, CPA, VP of Lending, Guardian Credit Union, remarked, “After signing with Temenos Origination, we were anticipating growth in new loans and accounts. However, with an increase in loans naturally comes an increase in delinquencies. We expanded our use of the platform to include the Temenos Collection module to manage our activities across departments, and ensure that our staff are equipped to serve our members no matter what their need.”
Emily Steele, President – North America, Temenos, said: “We are proud to grow our relationships with Maps, Hudson Heritage and Guardian. Adopting a unified platform approach with the Temenos Lifecycle Management Suite will set these credit unions apart, enabling them to improve efficiency and agility while providing the best experience for their members. We look forward to continuing to support these forward-looking credit unions as part of our family of over 600 financial institutions using the Lifecycle Management Suite in the North America.”
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence. Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks’ IT investment is adding tangible value to their business. For more information, please visit www.temenos.com.