SEFCU outsources core processing to Fiserv DNA
SEFCU, a top-50 credit union in the US, is modernising its core processing software with Fiserv.
The credit union has $3.5 billion in assets, 350,000+ members and 47 branches across the New York state.
SEFCU: From in-house tech set-up to Software-as-a-Service
Fiserv says SEFCU “evaluated multiple systems” and found the vendor’s DNA core banking platform to have “the right combination of capabilities”, including modern technology, scalability and real-time processing.
SEFCU will move from the legacy in-house set-up with its incumbent provider to a hosted model with Fiserv.
“At SEFCU, we want to change the world. The success of that mission depends on the strength of three strategic pillars – employees, members and community,” states Michael J. Castellana, the credit union’s president and CEO.
“We will leverage DNA to the benefit of all three, reinventing and driving efficiencies throughout our organisation. The platform will allow us to better serve our members, grow, and enhance our ability to give back to the communities we serve.”
The credit union will focus on expanding digital and online services to complement its network of brick-and-mortar locations, Fiserv says.
It will also be able “to gain better insight into members, thanks to the person-centric architecture of DNA”, the vendor adds, as the core system “presents information in a way that provides a full view of those relationships”.
According to Fiserv, SEFCU has become the 15th credit union to sign with Fiserv for account processing this year.
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