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Efficiency, Accuracy, & Peace Of Mind For Core Credit Union

Who are Core Credit Union?

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.

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Paving the way for the future of Credit Union Mergers

The merger that resulted in the Core Credit Union we know today presented unique challenges – it was one of the first set of mergers through The Credit Union Restructuring Board (ReBo), so there was no template to follow, as well as the difficult task of merging three Credit Unions at the one time under a tight schedule.

All of these Credit Unions had different IT systems, so a decision had to be made on which platform would best suit the needs of the new, larger, 4-branch Core Credit Union going forward.

Only Wellington IT could meet Core's needs

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:

  • Efficient production of accurate and timely management information
  • Streamlining and consolidation of processes and back office functions
  • Completeness and accurateness of data migration
  • Improved range of services to offer members 

Following a review of Core’s current needs, future plans, and system requirements, they selected Wellington IT as their preferred supplier.

"We grew our branch network by 250% in just 3 days. This was a tremendous achievement, made possible by our IT system."

 
Michael Byrne, CEO, Core Credit Union

A complete & accurate migration under tight timescales

credit union technology

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.

Streamlined, consolidated back office processes made success simple

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.

increase credit union efficiency

"Without a doubt, Wellington IT's core financial system has saved us hundreds of hours anually."
 
Michael Byrne, CEO, Core Credit Union

Accurate production of management information created efficiency

efficient credit union data

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.

Offering members an improved range of services

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.

software for credit union mergers

“We look at our relationship with Wellington very much as a partnership. Every product we have rolled out to our members with Wellington has successfully delivered the exact technological solution we required.”
 
Michael Byrne, CEO, Core Credit Union

Looking to the future, together

grow my credit union

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.

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