Finastra, a financial services software firm, announced that it has added three credit unions to its client portfolio.

They are:

  • The $2 billion-asset TruMark Financial Credit Union of Fort Washington, Pa.
  • The $1.8 billion-asset Central Florida Educators Federal Credit Union of Lake Mary, Fla.
  • The $1.4 billion-asset Evansville Teachers Federal Credit Union of Evansville, Ind.

Finastra said in a press release that with traditional banks and a growing number of fintech start-ups “targeting consumers with an improved customer experience” through technology, credit unions are “being challenged to differentiate themselves” with sophisticated products and services.

Credit unions, the company added, turn to Finastra “for solutions that enable them to simplify the lending process, reduce costs, streamline front-line and back-end processes” and benefit from remote deposit and mobile banking capabilities in a “secure, operationally efficient and reliable way.”

“Partnering with a company like Finastra will offer TruMark Financial Credit Union the tools to provide a positive experience for its members,” Kyle Stewart, TruMark Financial’s VP of commercial lending, said in a statement. “At TruMark Financial, we strive to understand our members’ financial needs and challenges. Finastra offers our team a streamlined process, leading to faster response for our members.”

Mike Dionne, Finastra
Mike Dionne, managing director of North America community markets at Finastra

The resulting improvements, Finastra said, help credit unions “capture greater market share and drive revenue growth.”

“It takes powerful and reliable technology to tackle the unique challenges faced by credit unions,” said Mike Dionne, managing director of North America community markets at Finastra. “With a long history of partnering with more than 6,000 community banks, credit unions and trusts across North America, we understand the market and are well equipped to support its unique needs with our market leading lending, enterprise, and retail solutions."

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