Farmers Insurance Group Federal Credit Union Selects DNA and Integrated Surround Solutions from Fiserv
Fiserv, Inc. (NASDAQ:FISV) , a leading global provider of financial services technology solutions, announced today that Farmers Insurance Group Federal Credit Union (FIGFCU), based in Los Angeles, has selected the DNATM account processing platform and a host of complementary Fiserv solutions as technology cornerstones for its future growth. The $650 million asset credit union will use DNA and its integrated Fiserv solutions to better serve the employees, agents and retirees associated with Farmers Insurance, and other employee organizations throughout the country.
A member-focused credit union that has been in business for nearly 80 years, FIGFCU was looking for an account processing platform to support the growing use of digital channels among its 45,000-plus members. The platform also had to meet the commercial needs of the insurance agents that FIGFCU serves. After a thorough review of the industry’s leading vendors, FIGFCU selected Fiserv.
“We wanted a company and a technology platform that could support our credit union for the next 15 to 20 years and that’s what we found in Fiserv and DNA,” said Yusef Mustafa, Chief Technology Officer of FIGFCU. “DNA and its integrated solutions from Fiserv will allow us to bring consistency to all of our digital channels to serve the needs of our geographically dispersed membership. At the same time, the commercial capabilities within DNA will help us deliver important business services to the agencies we serve, while its flexible reporting capabilities will give us improved visibility into our membership and our business.”
FIGFCU selected DNA for its innovative technology, open architecture and strong family of integrated solutions – features that will give the credit union the flexibility to stay current with the evolving needs of its members and with changing industry trends.
Recognized by industry-leading analysts for its technology, user experience and breadth of functionality, DNA from Fiserv is the first open, relationship-centered core banking platform built for global collaboration. Developed using contemporary, standards-based components, DNA provides FIGFCU with 24/7 real-time processing, scalability and robust retail, mortgage and commercial banking capabilities.
With DNA, FIGFCU will also have the ability to add new functionality with integrated core extensions, called DNAappsTM. FIGFCU can create its own DNAapps using the DNAcreatorTM development toolkit or download them from the DNAappstoreTM – the first collaborative online marketplace for custom core applications.
“We appreciate the confidence that FIGFCU has placed in Fiserv and we are pleased to welcome them to our growing and collaborative user community,” said Steve Cameron, president, Open Solutions Division, Fiserv. “We are confident DNA along with many integrated, industry-leading surround solutions will offer FIGFCU a competitive advantage while enhancing its member service capabilities.”
In addition to DNA, FIGFCU will implement DNAwebTM consumer and business online banking, MobilitiTM mobile banking with mobile capture, Credit Card Management for DNA, CRM and Business Intelligence suite for DNA, PrologueTM Accounting suite, VantageTM Risk and Budgeting Manager, ConvergeIT(R) telephone banking, WireXchange(R) wire transfer, Financial Crime Risk Management Platform, and Profitability Analysis for DNA. FIGFCU is an existing user of the Checkfree(R) RXP(R) bill payment and Popmoney(R) personal payments services.
Fiserv is the U.S. market leader in account processing services, and more than one-third of U.S. financial institutions rely on Fiserv for account processing solutions and expertise.
Founded in 1936, FIGFCU is a not-for-profit, member-owned financial institution that exists primarily to serve Farmers Insurance Group, as well as other organizations across the country. FIGFCU provides personal financial services to more than 45,000 members and has over $650 million in assets. It is one of the best capitalized credit unions in the country.
This year, Fiserv, Inc. (NASDAQ:FISV) celebrates 30 years of leadership in financial services technology. As one of FORTUNE(R) magazine’s World’s Most Admired Companies, Fiserv is helping clients worldwide achieve best-in-class results by driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.
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