Summer brings fintech advances & new CU solutions

"This is an exciting time" in the credit union space as more collaboration and tech advances occur.

A rundown of some recent credit union financial technology announcements focuses on core platform changes, a strategic innovation group, an automated lending solution and a collaborative analytics ecosystem.

Jack Henry, a major provider of tech solutions and payment processing services, ended its 2019 fiscal year with 57 new financial institutions choosing to move to one of its core platforms. Nineteen of them were credit unions making a commitment to Symitar’s Episys. The community financial institutions range in size from $64 million to $9.6 billion in assets; six de novo banks also selected Jack Henry as their core platform provider.

Among the credit unions was the $2.5 billion Tullahoma, Tenn.-based Ascend Federal Credit Union, which selected the Symitar Episys platform to create a stronger member experience and drive innovation. The credit union sought to provide members the same type of service and convenience they know from online retail providers.

David Foss, president and CEO of Jack Henry & Associates, commented, “This is an exciting time in banking; the industry is open to more collaboration and advanced technologies, while renewing its focus on user centricity.”


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