Nassau Educators Federal Credit Union (NEFCU), a credit union based in Long Island, New York, has selected DNA, a core account processing platform from Fiserv, to bring innovation to its digital banking environment.
In 1938, a group of school employees formed the Valley Stream Teachers Federal Credit Union to enable school employees to pool their savings and borrow from one another. The credit union’s name was later changed to NEFCU in 1981. The credit union also expanded across Long Island.
At present, its members include employees of Nassau County schools, colleges and universities, public libraries, other affiliated groups, their families and retirees. It has expanded to include a range of professionals, including teachers, lawyers, doctors, dentists, accountants and engineers, along with their support staffs and families.
The credit union has more than $3bn in assets and nearly 200,000 members, with shared branch network throughout Nassau and Suffolk Counties.
NEFCU selected the DNA core account processing platform because of its ability to integrate other solutions through its open architecture and APIs and the ability to service all loan types from a single system.
By moving to Fiserv platform, the credit union can elevate member experience and could also introduce self-service kiosks, while enabling its branch staff to more easily expand member relationships.
According to Fiserv, DNA is a core account processing platform offering a holistic view of member relationships, enabling financial institutions to provide personalised services and more relevant product offerings to their clients.
Fiserv’s platform will help NEFCU to add several integrated solutions
With Fiserv’s DNA, the credit union will be able to add several integrated solutions such as content management and wire transfers, in addition to its existing suite of Fiserv solutions.
NEFCU CEO John Deieso said: “Our goal is to become the financial institution technology leader on Long Island, and we wanted a core platform that could help us achieve that goal.
“We needed a core platform that was future-oriented, and a partner committed to continuous investment in its technologies.”
Fiserv credit union solutions president Vincent Brennan said: “Credit unions are continually looking for ways to meet the rapidly evolving expectations of their members.
“The right technology can position them to meet those expectations and drive growth as a result. We look forward to enabling the continued innovation of NEFCU as they meet the needs of members for years to come.”
Last month, Fiserv completed the acquisition of First Data. With the deal complete, Fiserv claims that it is now one of the payments and financial technology providers with the ability to offer unique value to financial institutions, corporate and merchant clients, and consumers.
The company’s clients will now have access to more comprehensive set of solutions and innovations, an extensive range of end-to-end capabilities and integrated delivery, which enable differentiated value for their customers.
