CUProdigy, a Layton, Utah-based technology-focused credit union service organization, announced that the $16 million-asset Northern Illinois Federal Credit Union of DeKalb, Ill., went live with its CUProdigy Core, a modern cloud-based platform, on March 1.
CUProdigy noted that while this conversion will add about $200 to the credit union’s monthly technology expenditures, the “increase in technology makes up for the extra expense.”
“We were running on a very antiquated system,” said NIFCU president Mark Lenaway in a statement. “We were still using batch processing for our ATMs and online banking. We knew we had to make a move to real-time to remain competitive.”
Lenaway also said that his previous data processor offered real-time processing, but at a “very prohibitive” cost.
In contrast, CUProdigy Core offered a “much better overall value.”
“We feel much safer from a disaster recovery standpoint, too,” Lenaway added. “We did our back-ups like we were supposed to, but a major disaster could really cause us some major problems. I like knowing our data is now safe and secure at a state-of-the-art data center in Salt Lake City.”
Lenaway conceded that NIFCU is now “spending a little more” on technology, but asserted that its “increased capabilities, better automation, improved employee efficiency, and especially greater member satisfaction all more than make up for that.”
CUProdigy CEO Anthony W. Montgomery commented that “as a CUSO, we’re able to deliver great value to credit unions. We’re pleased we are able to help NIFCU upgrade their technology at a price that allows them to thrive.”
NIFCU posted net loss of about $123,000 in 2o17, after recording net income of about $69,000 in the prior year.