NZCU Baywide is following Aotearoa Credit Union onto Oracle Flexcube core banking, with seven more credit unions to follow.
NZCU Baywide is the second of nine New Zealand credit unions to shift to Oracle's core banking offering, Flexcube
This week at the credit unions annual meeting in Havelock North, CEO Gavin Earle said the year to June 2017 has been one of investing in core infrastructure technology while balancing this commitment with growth, profitability and customer service, including developing a new branch concept.
“Last year we set important goals to reflect the rapid changes we’re all experiencing from technology change and digital transformation, the most significant being the upgrade of our core banking system,” he said.
“It has been no mean feat to take an organisation of our size through this change and there’s been a huge effort by the team to focus on the pending implementation, while also maintaining our day-to-day service at the levels our customers expect. This has paid off with the new technology expected to go live in the very near future."
Aotearoa Credit Union was the first of the nine to go live on Flexcube in August, after 18 months of planning and implementation.
ACU CEO Anthony Wilson said Flexcube is “one of the most sophisticated and complex banking systems in the world” and “will greatly improve ACU’s ability to provide the most modern and state-of-the-art banking solutions for our Māori and Pasifika [Pacific Islander] members”.
Co-op Money NZ, the industry body for the country’s credit unions and mutual building societies, said at the time delivery was successful and it was focusing on its next two credit unions, with the remaining six to be delivered by March 2018.
Coop Money announced in January 2016 it had selected Oracle to supply the core banking software
NZCU Baywide's Earle reported its investment combined with well as tighter interest margins led to a lower operating surplus of $1.2 million, however, costs had been "very well contained overall".
Earle said the installation of the new core banking system opened up the next phase of business transformation including an enhanced loan processing, mobile app and internet banking system.
“It will also secure our future and provide a foundation for other technology to enhance customer experience, innovation, speed of service and convenience,” he said.
Outside of the consortium of credit unions, Heartland Bank went live on Flexcube in July at a cost of $22 million.
