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FOR IMMEDIATE RELEASE
Contact: Deborah (Deb) Katz
Open Solutions
Inc.
860.815-5385
deb.katz@opensolutions.com
BC-based Sharons CU Selects Open Solutions’ Latest Core Platform Offering
GLASTONBURY, Conn. , March
25, 2009
– Open Solutions Inc.®, a leading provider of integrated,
enterprise-wide data processing technologies for banks and credit unions
throughout the United States, Canada and other international markets,
announced that British Columbia-based Sharons Credit Union has extended
its long-standing relationship with Open Solutions Canada. The credit
union will be upgrading to Open Solutions The Complete Credit
Union SolutionÒ: DNA,(TCCUS: DNA) advanced technology platform to
further enable it to better serve the dynamic needs of its members. The
credit union will complement their core technology upgrade with Open
Solutions’ industry-leading Financial Accounting Suite.
Founded 20 years
ago to serve the Korean community in Vancouver, Sharons Credit Union has approximately
$205 million CDN in assets and provides banking services to its nearly
10,000 members through five branches located throughout British
Columbia’s Lower Mainland area.
Sharons president
and CEO, Donald Cha, was one of the founding members of the credit union
when it was established in 1988 and has overseen its steady growth during
the past two decades. “Our purpose has always been to serve our
members’ financial needs in the most efficient, cost-effective and
professional way possible. And one of the ways we can continue to achieve
this is by upgrading the technology tools we use,” said Cha. “The
banking system we use today has served us well for many years, but it is
an aging platform and, more and more, we’re constrained by its
limitations, particularly in our ability to offer new and innovative
products to our members.”
Cha also noted that increased competition and tighter margins are
making it more challenging to maintain the levels of efficiency and
productivity needed to stay ahead of the credit union’s
competitors, and continued: “We look forward to upgrading to Open
Solutions’ relationship-based open technology and believe it will further
allow us to improve our credit union’s operational efficiency,
productivity and member service delivery. We are excited at the prospect
of being able to quickly offer new products and services to benefit our
members and fully handle all their financial needs.”
Sharons is an
open-bond credit union and anyone can become a member. Nonetheless, the
vast majority of its members are of Korean origin or descent and the
credit union’s bilingual service delivery reflects this: all employees
speak both English and Korean. With Open Solutions’ The Complete
Credit Union Solution: DNA, implementation of multilingual
functionality is much easier – and the possibilities are not lost
on Cha. “Having the technological capability on the system to
enhance our Korean-language service delivery could be a key
differentiator for our credit union and give us an advantage over our
competitors,” he said.
Continuing a
long-standing service arrangement, Sharons Credit Union’s will
outsource their processing through Open Solutions Canada’s data
centre in Vancouver.
Blair Goulet,
president of Open Solutions Canada, said, “With its strong member
focus, financial integrity and community involvement, Sharons Credit
Union embodies the true spirit of cooperative financial services and
provides a vital service to the vibrant Korean community in Vancouver.
Open Solutions Canada is proud of our long association with Sharons as its technology provider and we are very pleased the credit union has selected
Open Solutions’ technology as its platform for the future.”
Open Solutions. chairman
and CEO, Louis Hernandez, Jr., said, “We are very pleased Sharons
Credit Union has decided to upgrade to our latest offering and plans to use
our world-class technology solutions to address the challenges and
opportunities of the future. Having re-earned their business is important
to us and it’s exciting to be associated with an organization that
has a clear vision for its future, and we look forward to playing a key
role in helping them to attain it.”
About Open Solutions Inc.
Open Solutions Inc. offers a fully
featured strategic information management product platform that
integrates core data processing applications built on a single
centralized Oracle relational database, with Internet banking, cash
management, CRM/business intelligence, financial accounting and
management tools, profitability tools, wealth management, imaging,
digital documents, interactive voice response, technology services, HSAs,
payments and loan origination solutions. Open Solutions’ full suite
of products and services allows banks, thrifts, credit unions and
financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services
marketplace, and expand and tap their trusted financial relationships,
client affinity, community presence and personalized service.
For more information
about Open Solutions or its financial product line, contact Deborah Katz
at deb.katz@opensolutions.com or by phone at 860.815-5385. Visit Open
Solutions’ Internet site at www.opensolutions.com.
Open Solutions Inc.
is a registered trademark of Open Solutions Inc. All other company and
product names may be trademarks of their respective owners. Copyright 2009
Open Solutions Inc. All rights reserved.
Editor’s
Note: The correct usage of the company name, Open
Solutions Inc., is either referring to it as Open Solutions Inc. or Open
Solutions. Open Solutions no longer uses the acronym of OSI to
refer to the company.
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Copyright ©2009 Open Solutions Inc. All rights
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