Updating it systems plan credit union

The "technology transformation," as CUA calls it, took two and a half years. CUA held several dress rehearsals and mock data conversions to make sure the new system would work properly and employees would acclimate.

The credit union also tested the system extensively; for instance, it tested the execution of 28 key transactions prior to "go live."Now that all the technology is in place, phase two will be what Coulter refers to as business transformation — taking advantage of the new gear to reengineer more efficient processes and improve the customer experience.

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The large banks Down Under have been modernizing their banking platforms.

National Australia Bank is spending $1 billion deploying the Oracle Banking Platform.

C., says that banks still using old core systems are inhibited in their ability to offer the most up-to-date mobile banking features that customers are increasingly demanding."All the infrastructure that's been put in place in the last 20-30 years is not optimized for the mobile channel," Baird says.

"It's optimized for bricks and mortar and all the controls and processing around bricks and mortar, which is the traditional banking model."BBVA Compass, which recently completed its implementation of a new core system from Accenture, has seen benefits from the new technology already."The core platform benefits both customers and the bank," says Gabriel Sánchez Iniesta, chief information officer for BBVA Compass.

The four major banks have bought up the formerly second-tier banks.

About 90% of all banking business goes to the behemoths, which can afford to price aggressively.Her team plans to build workflows to guide users quickly through key business processes, such as account opening.They've already built six workflows into the user interface of the core system.In one example, the credit union has already developed what it calls a Single Customer View.On one screen, this highlights everything a staff member needs to know about a customer, including total product holdings, accounts open, personal details and all recent interactions and alerts."This has resulted in a quicker and more personal experience for our customers from their first point of interaction," she says.The credit union needed to replace an aging legacy system with one that could scale as it grew and allow it to roll out new products and services quickly.

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