Employing over 40 staff across 7 offices, Core Credit Union serves members across the common bond of the Dún Laoghaire constituency of Dublin. It was formed in 2014, after the merger of six smaller Credit Unions.
When considering who would be the right IT supplier to not only provide a core system, but also handle multiple concurrent mergers, Core Credit Union had some key requirements:
Following a review of Core’s current needs, future plans, and system requirements, they selected Wellington IT as their preferred supplier.
The data migration required for this merger was daunting – it involved transferring two different IT systems into a third, all in an incredibly compressed time period of just three weeks.
Working with Wellington IT, the mergers were completed on time, accurately, and with minimal disruption to members. The success of these first mergers was repeated when Core subsequently merged with other Credit Unions.
Every Credit Union has its own set of processes which have usually naturally developed throughout the years to meet its needs. Integrating and streamlining the processes of each Credit Union prior the merger required a lot of planning, as well as buy-in from multiple stakeholders. Wellington IT worked with Core Credit Union’s individual branches, helping them identify key issues, and come up with a sustainable, scalable solution.
Combining 6 Credit Unions meant that Core would have at least 12 active current accounts, all requiring reconciliations at the end of each day. Strategic forward planning and a flexible core system offered by Wellington IT meant that the additional current accounts had been closed out within three months of merging, through automating thousands of monthly transactions.
Working closely together, Wellington IT and Core Credit Union designed a suite of management information reports that can be updated on demand, offering flexibility and scalability to the Credit Union. These reports, alongside efficient end of day and reconciliation processes mean Core has a speedy month end close off, highlighted by the merger – within three days of the data transfer, Core had finalised management accounts, including those for the new office, and were able to circulate all of the necessary reports to their board.
Prior to merging with Core Credit Union, the members of the smaller Credit Unions throughout Dún Laoghaire had access only to basic counter transactions. Following the mergers, a full range of online and electronic banking services were rolled out across all new branches of Core Credit Union, as well as a more time-effective, attractive way to make use of their traditional Credit Union services.
Due to the success of Core Credit Union’s mergers, all of their branches have experienced an increase in both footfall and transactions. Because of the stability offered by Wellington IT’s system, it’s now possible for Core to focus on their members’ needs, and look into expanding their offerings in new, exciting, modern ways.
Core are currently working with Wellington IT to introduce self-service kiosks to their branches, offering members choice, flexibility, and convenience. These kiosks will allow their member service officers more free time, letting them interact with visitors, sell loans, and improve the Credit Union’s member experience.