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Next Generation Online Banking Solutions for US Credit Unions

by Changepond  Posted on March 24, 2016

The client provides expert cost-saving and green business applications assisting Credit Unions in enhancing their core banking service offerings.



online-banking-services

The Client

The client provides expert cost-saving and green business applications assisting Credit Unions in enhancing their core banking service offerings. They focus majorly on continuous product development ensuring customers receive best-in-class service instantly at all times. They cater to the infrastructure requirements of credit union financial institutions through state-of-the-art “on-demand” online & mobile banking solutions. They deliver service through partnerships with institutions thereby helping them save significant capital expenditure. Credit unions can reap high rewards by deploying this solution while modernizing their existing infrastructure with minimum investment.

The Requirement

Most of the credit union institutions face strict constraints towards infrastructure development as they are small community development financial institutions. Problems multiply when they are required to extend their service offerings through digital channels like computers, tablets, mobile phones & other devices. The client required a bespoke solution to cater to the complexities & investment involved in building additional infrastructure. They required a comprehensive application that could enable customers of various credit union institutions access their bank accounts and perform transactions over the internet. The application should be customizable and integrated seamlessly with existing core systems. Other value added services like member loyalty, funds management and member communication are required to be integrated on demand.

Our Solution

Changepond was entrusted the task of developing the online banking solution that could be deployed at credit union institutions. The application supported core banking services like General Banking, Automated Clearing House, Check Deposit, Bill Pay, Funds Transfers, etc. Remitting & receiving money from members of different institutions was enabled through a third party API built into the solution. This unique Common API framework integrates with multiple core banking products. Single Sign-On was mandated as additional security for accessing third party information.

As the solution would be used by banks, Changepond incorporated multifactor authentication for enhancing security. The solution supports various value added services like member loyalty, funds management A2A/P2P transfer and remote deposit solutions. These services are made available on demand.

Our Engagement

Changepond realized the intensity of the project and decided to follow a mixture of both Modified Waterfall & Agile software development methodologies. Modified Waterfall with an onsite-offshore model was followed during foundation phases while agile methodology was followed during later stages of the project. Weekly releases across multiple customer sites ensured the application remained stable.

Benefits

  • The application supports multiple channels like native client, mobile & web. Therefore, device compatibility issues are automatically taken care off.
  • Credit unions benefit largely in the longer run as the solution helps institutions save the capital expenditure required to build in-house systems.
  • Changepond provided round the clock coverage and support for ensuring minimum outage
  • The solution was easily customizable & deployable as this fastened the go-to-market duration
  • Changepond Software Architecture Group provided access to an independent review council for making critical decisions on design and implementation

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