Redstone Federal Credit Union Wins 2012 Celent Model Bank Award for its Innovative Use of Open Solutions’ DNAcreator and DNAappstore
- Groundbreaking Innovation and Collaboration Tools Enable Redstone to Create & Sell Custom Core Apps -
Glastonbury, Conn., August 2, 2012 – Open Solutions Inc.®, the leading provider of collaborative enterprise technology to community-based financial institutions worldwide, announced today that its client Redstone Federal Credit Union has won a prestigious 2012 Model Bank Award from Celent, a research and consulting firm, for its use of Open Solutions’ DNAcreator™ and DNAappstore™ innovation and collaboration tools. The award is further proof of how Open Solutions and its forward-thinking clients are leading the disruptive change in enterprise technology the financial services industry so desperately needs.
“The 2012 Model Bank Award seeks to answer the question: What would it look like for a bank to do everything right with today's technology?” stated Bob Meara, Senior Analyst with Celent's Banking Group. “Redstone won the award for its innovative use of DNAcreator by exemplifying a best practice in custom core development. With DNAcreator, Redstone has broken the top-down, vendor controlled model of innovation by creating its own custom core extensions and then selling them to other institutions.”
Open Solutions revolutionary DNAcreator toolkit enables Open Solutions’ clients, partners and independent third-party developers to create seamlessly integrated, custom core applications called DNAapps™. Redstone is one of 42 organizations certified to develop DNAapps using the DNAcreator toolkit and has already developed 21 of the 124 DNAapps currently available on the DNAappstore, the first and only online marketplace for custom core extensions. DNAcreator and DNAappstore level the playing field for community banks and credit unions, enabling them to collaborate to compete. Since May 2011, DNA users have downloaded over 700 DNAapps from the DNAappstore. Redstone alone has sold nearly 200 instances of its 21 DNAapps, making it the most successful DNAcreator to date.
The Model Bank award was presented to Redstone Federal Credit Union on June 13, 2012, during Celent’s fifth-annual Banking Innovation & Insight Day in Charlotte, N.C. Redstone Federal Credit Union was one of only two Model Bank award winners selected to speak at the event.
“At Redstone, we are always looking for new ways to improve our operations and member service,” stated Harry Gunsallus, Senior Vice President at Redstone Federal Credit Union. “DNAcreator allows us to quickly turn our ideas into DNAapps that benefit our members, our bottom-line and other community banks and credit unions running DNA. This Celent Model Bank award recognizes the strength of Redstone’s ideas, but also validates the collaborative development model made possible by Open Solutions’ DNAcreator and DNAappstore tools.”
Louis Hernandez Jr., Open Solutions Chairman and CEO, congratulated Redstone on the award: “Redstone Federal Credit Union is well deserving of its Model Bank award. Its DNAapps have helped it and other DNA clients lower costs and enhance member service – a clear demonstration of how revolutionary technology can move our industry forward by enabling innovation and collaboration.”
About Redstone Federal Credit Union
Redstone Federal Credit Union is a federally chartered credit union headquartered in Huntsville, Alabama and is regulated and insured by the National Credit Union Administration (NCUA). With nearly 350,000 members and more than $3 billion in assets, Redstone is the largest credit union in Alabama and among the 25 largest credit unions in the nation.
On November 28, 1951, the United States Government granted RFCU its charter. Eleven individuals with assets totaling $55 started membership at RFCU. The original $55 was saved in a shoebox and the first office was located on Redstone Arsenal. The original charter served employees of Redstone Arsenal only. Today, RFCU members are located all over the world and the original $5 deposit is still all that constitutes members' ownership in the credit union.
About Open Solutions Inc.
Open Solutions Inc.® helps community-based financial institutions around the world enrich their local economies by providing innovative technologies and insights that enable them to operate more profitably, efficiently and collaboratively.
Industry pioneers, Open Solutions revolutionized enterprise technology with DNA™, the first open, relationship-centered core banking platform built for global collaboration. This radically different approach to enterprise technology enables banks and credit unions around the world to leverage the power of community through DNAappstore™, the first-ever collaborative marketplace for user-created core enhancements.
Extending the power of DNA further, Open Solutions offers a full range of complementary software solutions for payments, item processing, distributed capture, internet banking, mobile banking, CRM, business intelligence, loan origination, financial accounting, account analysis, wealth management, digital document and interactive voice response. It also offers complete hardware solutions, plus independent industry insight and guidance from Raddon Financial Group.
For more information, visit Open Solutions at www.OpenSolutions.com, like us on Facebook at http://www.facebook.com/OpenSolutionsInc, or follow us via Twitter @OpenSolutionsCC.
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