SAN DIEGO-Despite tight budgets, credit unions will be opening purse strings for new core systems and considering outsourcing in Q3 and Q4.
Symitar President Kathy Hooker Burress said credit unions have been taking steps to make sure they are efficient, positioned for the future, and are able to capitalize on growth opportunities, which is what she credits for the strong year-over-year sales gains for Symitar during the recession. "From our perspective, we are well positioned to help credit unions with their objectives," said Hooker Burress. "We are also seeing a greater interest in credit union (data processing) outsourcing. A lot of traditional in-house credit unions are interested in looking at the outsourced model."
Symitar is focusing R&D on key areas credit unions of current CU concentration, stated Ted Bilke, general manager, Episys operations and development. "It's no surprise we have efforts focused on credit union compliance, and not just product development, but education of our customers as well."
Solutions that further improve credit union operational efficiency and automate operations are in the works as well, Bilke said. "Our current customers are willing to spend money on things that will make them more efficient and provide a good return on investment. With that, we are focused on tight integration with our Jack Henry complimentary products."
With more attention on outsourcing, enhancements are also being looked at for Symitar service bureau offerings. Bilke added that Symitar is getting traction with its iTalk Jack Henry IVR solution. Jack Henry's acquisition of PEMCO Technologies and the pending acquisition of I-Pay Technologies will bring Symitar credit unions additional opportunities and added value, Bilke noted.