Lanco Federal Credit Union in Lancaster, Penn. has successfully implemented the Symitar Episys core processing platform hosted by Member Driven Technologies, a credit union service organization that provides member CUs with a secure, private cloud alternative for core banking and IT needs.
The credit union went live on the MDT platform in early February.
MDT said the $86 million-asset institution recently experienced “significant growth” and realized it needed “a more robust and flexible solution” to help it efficiently scale.
Thus, by deciding to host the Episys platform through MDT, the credit union has gained a “more efficient system” that will allow it to “introduce more advanced capabilities” to its members.
Prior to the conversion, the credit union often had to rely on largely paper-based, manual processes. MDT noted. Now, Lanco FCU benefits from more “widespread automation, saving time and boosting efficiencies.”
“Lanco FCU is pleased to have upgraded to Episys through our relationship with MDT,” Lanco CEO Stacey Hankey said in a statement. “Our first day live was steady and seamless, allowing us to maintain the consistent service our members have come to expect.”
Hankey added that as a community credit union, “we don’t have a huge IT department, and outsourcing via MDT allows our employees to shift their focus from tedious software and hardware maintenance to more strategic and member-facing activities.”
Larry Nichols, chief executive officer of MDT, explained that ”forward-thinking” credit unions, like Lanco FCU, understand the importance of investing in technology to support long-term growth.”
By outsourcing with MDT, Nichols added, Lanco FCU has gained the tools necessary to “efficiently scale and compete, without having to sacrifice control or any aspect of member service.”
Lanco FCU posted net income of about $316,000 last year, up from about $216,000 in 2016.