Using Core Systems to Enable Superior Financial Performance

Some industry observers believe that credit unions that are embarking on core banking journeys must make revenue generation a central part of their business case. Where would the revenue uplift come from?

Unlike many core processing vendors, Synergent is first and foremost a service organization. Thus, instead of marketing “our solution,” our focus is on “your credit union’s solution.” Our unique strength is our ability to integrate our services with those of third parties to develop a processing solution customized for your strategic objectives.

Your core processing system is the heart of your credit union. Today’s members expect the superior personal service that has always characterized credit unions, but they also want the same advanced services offered by the nation’s largest financial institutions. A fast-growing number of current and prospective new members are ready to take advantage of mobile banking and bill payment, remote deposit capture, and new products and services still on the horizon. In order to stay competitive, many credit unions will need to take a hard look at current core systems that are outdated, inefficient and expensive to operate.

Outsourcing with Synergent is as cost-effective as it is because of our ability to automate, streamline, and consistently deliver the highest service levels of Episys, offered by Symitar. This helps larger credit unions manage their complex operations more efficiently. At the same time, the expanded range of functions and services we provide makes it possible for smaller credit unions to compete more effectively. While technology is certainly key to an efficient core processing platform, the partnership with the provider is what will truly ensure that a credit union is taking full advantage of all that their “core” has to offer. Here is what one of our users had to say: “If we didn’t have Synergent, we may not have known all the shortcuts that make life easier. We don’t have to hold back on getting the information and reports we need. We can truly utilize all that is available to us.”

These efficiencies and improvements included an enhanced general ledger, user-friendly help boxes and other shortcuts. The ability to work with members from beginning to end of a process with a dynamic loan application and a strong integration creates efficiency. So much of the core allows processes to become one-stop shopping. The credit union user of Synergent, mentioned above, added: “What would’ve taken months to accomplish now takes weeks, adding that because even new staff members can easily learn the processes, the credit union has been able to have loan officers in every location, as well as diversify their loans.”  The ultimate result of these efficiencies? Better member service, as all staff has more time to focus on the members.

How can core systems contribute to increased products/services per member?

Outsourcing also provides an opportunity for credit unions to foster a stronger internal culture by focusing on the business they know best: member service, recruitment, retention, and sat­isfaction. Rather than becoming bogged down in the high-tech hassles that can come with in-house processing, along with new releases and year-end processing, credit unions that partner with a service provider can let it go and devote full attention to their member base. In today’s marketplace, you need a core processing system that delivers speed, convenience, and efficiency, leverages technology, and provides regulatory relief. This kind of continuously-optimized system will pay off in several ways with productivity, cost savings, and competitiveness:

  • More innovative products
  • Efficiencies including structured workflows, elimination of duplicate efforts, and paperless communication
  • The ability to leverage data for strategic marketing, better-informed business decisions, and a stronger sales culture
  • A fully integrated environment that streamlines processes, automates routine tasks, eliminates manual and double entry of data, and frees up staff and management to focus on member service and growth

    Synergent operates from a position of strength in all of these areas. We do this in the short term by meeting our service commitments every day. In the longer term, we do it by interacting with credit unions and vendors to make sure you have the solutions your credit union needs to grow and compete.

How does Episys help
empower a credit union’s member-facing employees, create innovative products, and drive growth?

Technology changes so fast now that members benefit when their credit union decides to share this work with experts, so they can concentrate more fully on their needs. Up-to-date technology is a major competitive selling point for credit unions. Partnering with a service provider allows you to offer the products and services necessary to say ‘what we offer is just as good as any of the biggest financial institutions.’ Being able to offer the latest and greatest in products and services works for you as a terrific cross-selling and member recruitment tool.

Today’s technology is complex. Over time, an in-house operation may struggle with hardware that has become less reliable and software that is no longer supported. The capital and human resources required to maintain and upgrade this aging system can prevent a credit union from capturing growth opportunities in the marketplace. At Synergent, our focus has always been to work with credit unions to find the best solution, develop customized enhancements as necessary, and then focus on the best possible delivery and servicing of that solution. We work closely with Symitar on product enhancements, collaborating on requests about our credit union partners’ system needs. 


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