In November 2016, Community Alliance Credit Union (CACU) embarked on a core banking transformation journey to provide a smart banking alternative to its members.
The Credit Union partnered with Ultradata to update its core banking platform, with the intent to modernise their existing technology platform, reduce operational overheads, and enhance the overall member experience across multiple service channels.
On 19 August 2017, Ultradata successfully installed its latest Core banking solution Ultracs 5 Relationship Banking and a suite of integrated solutions such as a new lending package, Anti-Money Laundering (AML), fraud detection, cashiering, new internet banking and mobile banking app.
The core banking transformation was one element of the digital banking transformation. CACU has committed to a long-term partnership with Ultradata and investing in digital technology to provide a sophisticated banking solution for its members.
“We recognise that our member’s banking needs are changing; online banking services are quickly becoming the primary banking channel for most of our members.
“We are responding to the needs of our members through the continual improvement of our digital banking technologies.” Bob Kotic, Chief Executive Officer - CACU.
Proving their commitment to investment in technology, throughout 2017 CACU launched Android Pay, Apple Pay and Samsung Pay for its Illawarra Credit Union and Catalyst Money members, making them one of the first financial institutions to implement this technology.
“As a Credit Union, we are continuously looking at ways to reinvest our profits into providing improved products and services for our members, with our ethos of banking with a conscience – a new way of banking.
“Implementing technology such as Android, Apple, and Samsung Pay provides our members with a new, secure and convenient way of banking.” Bob Kotic, Chief Executive Officer - CACU.
The transformation project
The core banking transformation project, which commenced in November 2016, was completed on time, on budget with no reconciliation issues, write-offs and most importantly a terrific response from members – and staff.
“We were thrilled with the way the project has come to life, as one hears so many horror stories of protracted and tortured projects in the IT space. What our team and Ultradata have been able to do together has been remarkable. The member feedback is great, and we look forward now with real optimism to the future.” Bob Kotic, Chief Executive Officer - CACU.
Ultradata CEO Peter Henshaw commended CACU and the project team on the performance during the core banking transformation.
“CACU’s management and staff should be commended on the way they worked with us to make the transformation possible – we are so proud to deliver a real positive change for their customers and staff.” Peter Henshaw, Chief Executive Officer – Ultradata.
Re-disseminated by The Asian Banker