LANCASTER, Calif. – The $200-million Edwards FCU here has selected CUProdigy to provide it with a core processing solution.
The credit union is estimating it will save more than $500,000 as a result of the change.
The decision by EFCU follows an earlier move by the credit union to sign on with CUProdigy’s cloud service. Edwards FCU said it was seeking technology that would improve both the member experience and the employee experience.
“Since we had already engaged with Prodigy for their cloud solution and were happy with that relationship, we figured we would at least let them make their pitch,” said CEO Roy MacKinnon. “What happened next for myself and my team was nothing short of amazing. Over the next several hours as the CUProdigy team presented we were all floored.”
The Edwards team was amazed at the functionality built into the core, according to MacKinnon, from the integrated LOS to ODP, Collections and Collateral Insurance capabilities. MacKinnon said he would envision his credit union growing into and maximizing the core’s value potential.
In addition, said MacKinnon, the pricing model from CUProdigy, which is a CUSO, “blows the competition out of the water,” and will save EFCU more than a half-million dollars over its current contract. Additional savings may also be realized from features that may be superior to those currently being provided by other vendors.
There was another factor in making the decision to move to CUProdigy, MacKinnon said: the Salt Lake City-based CUSO’s culture.
“We could all tell that not only were they credit union people, it was obvious the Prodigy team really enjoyed what they were doing and really believed in their core solution,” he said. “They were the only team that truly demoed their product, while the others were focused on the sale. I also really like that as a CUSO, the owners get to determine the direction and prioritize what goes into development for future releases. CUProdigy is what credit unions are, or should be, all about.”
MacKinnon also said he appreciates CUProdigy’s modern coding.
“A major vendor said their core was coded in PL/1,” he said. “We later learned this language was developed in the 1960s to replace other same era assembler codes. I was amazed when I learned this. I mean, who invests in 50-year-old technology? Not us, that’s for sure.”
“Roy is a real visionary,” said CUProdigy CEO Anthony W. Montgomery. “He understands that you don’t have to spend a lot of money on a big name to get a great core platform. I’m confident he’s going to do great things at Edwards FCU.”
For info: www.cuprodigy.com