• IC Federal Credit Union will improve its technology offerings while also updating and better aligning its operations through a more efficient, integrated platform, including an expanded core banking solution.
• New front-end capabilities will include online and mobile solutions for members, including remote deposit and online account opening.
• Regulatory and lending challenges have caused a growing number of financial institutions to look for new ways to save on costs while expanding services.
A desire for tighter integration and more efficient back-office operations, while simultaneously expanding account access to its members, led Massachusetts-based IC Federal Credit Union to select FIS™ for a new multi-year technology agreement. FIS, the world’s largest provider of banking and payments technology solutions, and a global leader in consulting and outsourcing solutions, will provide new online banking and bill pay capabilities, while also helping the bank decrease costs through workflow automation and delivery channel integration with an expanded core banking relationship.
Like an ever-increasing number of financial institutions, IC Federal Credit Union wanted to streamline its third-party systems in order to more seamlessly connect its back office operations. In an environment of heightened regulations, a better connected back office helps to eliminate redundancies and mitigate risks at their earliest stages.
Expanding its core relationship which the bank has maintained with FIS since 2005 also will allow IC Federal Credit Union to further its cost savings while easily coordinating its new offerings to customers; those offerings include an updated consumer online banking platform, mobile banking including remote deposit capture, a new online account opening program, customer relationship management software and more, all designed to provide customers increased access to their accounts.
“We were looking to implement a vertical integration strategy that allowed us to be more efficient with our internal IT resources while also improving the experience of our members,” said Dr. Anthony Emerson, DBA, CCUE, President & CEO, IC Federal Credit Union. “With the assistance of FIS, we have realized greater system capabilities, increased levels of support/training, greater system functionality, a better member/user experience, and substantial cost savings.”
“Making banking easier for customers involves not only innovative and functionally-rich technologies, but the expertise to bring them together in a way that is seamless and personalized to each customer’s experience,” said Rachel Landrum, EVP, Integrated Community Banking and Credit Union Solutions, FIS. “FIS’ integrated online and mobile banking solutions, as well as our customer relationship management software, will allow IC Federal Credit Union to increase competiveness in its market and prepare itself for growth.”
Founded in 1928, IC Federal Credit Union has grown to be one of the largest credit unions in the state of Massachusetts. It is headquartered in Fitchburg, Mass., and has six branch offices.
FIS (fisglobal.com) is the world’s largest provider of banking and payments technology solutions, and a global leader in consulting and outsourcing solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 39,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 426 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’s historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2013, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.