Farmers Insurance Group Federal Credit Union (FIGFCU, Los Angeles) has chosen Fiserv’s (Brookfield, Wisc.) DNA account processing platform and several complementary Fiserv solutions to support the $650 million-asset credit union’s growth strategy.
FIGFCU sought an account processing platform to support the growing use of digital channels among its members, as well as meeting insurance agents’ needs, according to a Fiserv statement.
“We wanted a company and a technology platform that could support our credit union for the next 15 to 20 years and that’s what we found in Fiserv and DNA,” comments Yusef Mustafa, CTO, FIGFCU. “DNA and its integrated solutions from Fiserv will allow us to bring consistency to all of our digital channels to serve the needs of our geographically dispersed membership. At the same time, the commercial capabilities within DNA will help us deliver important business services to the agencies we serve, while its flexible reporting capabilities will give us improved visibility into our membership and our business.”
Innovative Technology, Open Architecture
Fiserv reports that FIGFCU selected DNA for its innovative technology, open architecture and strong family of integrated solutions, which the vendor asserts will give the credit union the flexibility to stay current with the evolving needs of its members and with changing industry trends.
The vendor describes DNA as the first open, relationship-centered core banking platform built for global collaboration. Developed using what Fiserv calls contemporary, standards-based components, Fiserv’s DNA for credit unions provides FIGFCU with 24/7 real-time processing, scalability and robust retail, mortgage and commercial banking capabilities, according to the vendor.
DNA will also give FIGFCU the ability to add new functionality with integrated core extensions, called DNAapps. FIGFCU can create its own DNAapps using Fiserv’s DNAcreator development toolkit or download them from the DNAappstore, which the vendor claims is the first collaborative online marketplace for custom core applications.
In addition to DNA, FIGFCU will implement DNAweb consumer and business online banking, Mobiliti mobile banking with mobile capture, Credit Card Management for DNA, CRM and Business Intelligence suite for DNA, Prologue Accounting suite, Vantage Risk and Budgeting Manager, ConvergeIT telephone banking, WireXchange wire transfer, Financial Crime Risk Management Platform, and Profitability Analysis for DNA. FIGFCU is an existing user of the Checkfree RXP bill payment and Popmoney personal payments services.
Founded in 1936, FIGFCU is a not-for-profit, member-owned financial institution that exists primarily to serve Farmers Insurance Group, as well as other organizations across the country. FIGFCU provides personal financial services to over 45,000 members.