Workers Credit Union selects Finastra to power innovation and growth

By Edlyn Cardoza

Finastra recently 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 be 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.

Recently, IBS Intelligence reported that Tesselate Africa, a subsidiary of Tesselate Group, and Finastra, announced their partnership.