Credit union seeks functionality to improve efficiency, support growth GLASTONBURY, Conn., Feb. 22, 2006 - Deer Park, Texas-based Shell Federal Credit Union, with $240 million in assets and approximately 37,000 members, has selected Open Solutions Inc.'s ® (NASDAQ: OPEN) The Complete Credit Union Solution ®, to address its in-house enterprise-wide data processing needs. Open Solutions is a provider of integrated enabling technologies for community financial institutions in the United States and Canada.
Shell FCU was chartered in 1937 to serve the employees of the Shell Oil Co. refinery and chemical plant in Deer Park. In 2002, the credit union received a community charter and has expanded to serve members in Deer Park, Pasadena and LaPorte. Shell FCU currently has two branches. "We expect to add another branch without hiring any new employees simply because of the efficiencies we believe that we will gain from implementing the Open Solutions core processing system," said Chris Lindelof, CEO of Shell FCU.
Built on a powerful Oracle® relational database, The Complete Credit Union Solution's open architecture and member-centric platform is designed to help credit unions streamline both the front and back offices applications with a focus on member service. The Open Solutions core platform allows a credit union to have a more centralized view of its specific relationships with members, employees and business partners.
"We were impressed by the wide range of features and benefits that The Complete Credit Solution offers," Lindelof added. "Our selection team included a cross-section of staff from all departments who focused on how the system could help us better serve our members. The choice was unanimous when we completed the evaluation process. We also liked the Open Solutions team and their approach to 'partnering' with credit unions. Many of their existing clients we contacted for a reference confirmed that service remains top notch after the sale."
In addition to The Complete Credit Union Solution, Shell FCU will also implement Open Solutions' Investor Reporting; Loan Participations; Loan Origination (consumer and mortgage), Business Intelligence tools (cView); Safe Deposit Module; Asset Collection Management System; Real-time ATM/Debit; Financial Accounting Suite; Maxxar voice response technology (touchtone and speech); Premium Overdraft; Interaction Management Center (IMC); Training Proficiency Software; e-Receipts; Shared Branching; and electronic image/item processing.
Louis Hernandez, Jr., Open Solutions chairman and CEO, said, "As Shell Federal Credit Union continues to grow, we believe our technology will grow with them to help them maintain a competitive advantage in the marketplace. Open Solutions designed and built its technology based on the principle that our clients must continually provide innovative solutions to answer membership needs. We are looking forward to helping Shell FCU meet and exceed its business goals. As is true with all our clients, the service doesn't end with the selection of our system. We strive to provide the highest level of client service throughout the duration of the partnership. We believe our team approach to serving our clients helps build a strong foundation for future growth and success."
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, member business services, CRM/business intelligence, financial accounting tools, credit card processing, |
