Press

Workers Credit Union selects Finastra to power innovation and position for growth

With Finastra’s Fusion Phoenix and a suite of ancillary solutions, Workers Credit Union is maximizing opportunities to grow beyond its traditional offerings and deliver on its mission to improve member financial wellness

LAKE MARY, FL (October 14, 2021)Finastra today announced that Workers Credit Union has selected Fusion Phoenix as its new core banking solution to grow its membership, future-proof its business and strengthen its position against competitors, including digital banks. In addition, it will use Fusion MortgageBotFusion ECMFusion OriginateFusion AnalyticsFusion Treasury Essential and other Finastra solutions to bolster its offerings.

“Our unique commitment to serving our members as they work toward their financial goals has positioned us for unprecedented growth,” said Doug Petersen, President & CEO, Workers Credit Union. “We recognize that to best serve our members we need to continue to add new products and services. With Fusion Phoenix, bringing new services to market will be quicker and easier, and the core will be able to grow with our needs as our membership continues to expand.”

With the Fusion Phoenix open core, Workers Credit Union will also experience increased speed to innovation and, by unlocking the power of data, will be able to proactively engage with members through personalized services. It will realize improved efficiencies through Fusion Phoenix’s intuitive Microsoft-based architecture and its embedded workflow manager, which allows common tasks and processes to be defined and automated. Finastra was also able to demonstrate that the migration to its solutions would establish a predictable cost structure for the credit union and allow it to grow its membership without incurring additional costs.

“The decision to switch core vendors is never easy, but Finastra was able to provide both near and long-term benefits for Workers Credit Union and its members, making that choice much simpler,” said Chris Zingo, SVP and GM of Americas Field Operations, Finastra. “By adding other products from Finastra — addressing lending mortgage and treasury needs — Workers Credit Union isn’t only acquiring a suite of fully-integrated, best-of-breed solutions, but is also positioning itself to expand into new lines of business and realize new revenue streams.”

In addition to its new core, Workers Credit Union selected Fusion Originate to grow its commercial loan portfolio and Fusion Treasury Essential to monitor cash positions. The selection of Fusion Treasury Essential marks the first time the treasury solution was sold to a credit union and demonstrates Workers’ visionary approach to how it can leverage available tools to differentiate itself and grow in new strategic directions.


About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

About Workers Credit Union

Workers Credit Union (WCU), a member-owned and member-focused $2 billion-dollar credit union, is building the financial wellness of its more than 110,000 members through coaching, products, and support that empowers them to build a better life for themselves and their families. Headquartered in Littleton, MA, Workers Credit Union has been serving communities in Massachusetts for more than 100 years. Workers Credit Union recently adopted a national charter that enables it to serve a broader set of members wherever they live. Workers Credit Union is a Community Development Financial Institution and Low-Income Designated Credit Union.

Contacts

James McKenna
Senior PR Manager, Americas
T +1 845.546.2745
E james.mckenna@finastra.com
finastra.com

More News