Workers Credit Union selects Finastra to power innovation and position for growth
With Finastra's Fusion Phoenix and a suite of ancillary solutions, Workers Credit Union is maximizing opportunities to grow beyond its traditional offerings and deliver on its mission to improve member financial wellness
LAKE MARY, Fla., Oct. 14, 2021 /PRNewswire/ -- Finastra today announced that Workers Credit Union has selected Fusion Phoenix as its new core banking solution to grow its membership, future-proof its business and strengthen its position against competitors, including digital banks. In addition, it will use Fusion MortgageBot, Fusion ECM, Fusion Originate, Fusion Analytics, Fusion Treasury Essential and other Finastra solutions to bolster its offerings.
"Our unique commitment to serving our members as they work toward their financial goals has positioned us for unprecedented growth," said Doug Petersen, President & CEO, Workers Credit Union. "We recognize that to best serve our members we need to continue to add new products and services. With Fusion Phoenix, bringing new services to market will be quicker and easier, and the core will be able to grow with our needs as our membership continues to expand."
With the Fusion Phoenix open core, Workers Credit Union will also experience increased speed to innovation and, by unlocking the power of data, will be able to proactively engage with members through personalized services. It will realize improved efficiencies through Fusion Phoenix's intuitive Microsoft-based architecture and its embedded workflow manager, which allows common tasks and processes to be defined and automated. Finastra was also able to demonstrate that the migration to its solutions would establish a predictable cost structure for the credit union and allow it to grow its membership without incurring additional costs.
"The decision to switch core vendors is never easy, but Finastra was able to provide both near and long-term benefits for Workers Credit Union and its members, making that choice much simpler," said Chris Zingo, SVP and GM of Americas Field Operations, Finastra. "By adding other products from Finastra — addressing lending mortgage and treasury needs — Workers Credit Union isn't only acquiring a suite of fully-integrated, best-of-breed solutions, but is also positioning itself to expand into new lines of business and realize new revenue streams."
In addition to its new core, Workers Credit Union selected Fusion Originate to grow its commercial loan portfolio and Fusion Treasury Essential to monitor cash positions. The selection of Fusion Treasury Essential marks the first time the treasury solution was sold to a credit union and demonstrates Workers' visionary approach to how it can leverage available tools to differentiate itself and grow in new strategic directions.
About Workers Credit Union
Workers Credit Union (WCU), a member-owned and member-focused $2 billion-dollar credit union, is building the financial wellness of its more than 110,000 members through coaching, products, and support that empowers them to build a better life for themselves and their families. Headquartered in Littleton, MA, Workers Credit Union has been serving communities in Massachusetts for more than 100 years. Workers Credit Union recently adopted a national charter that enables it to serve a broader set of members wherever they live. Workers Credit Union is a Community Development Financial Institution and Low-Income Designated Credit Union.
About Finastra
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
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