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Getting the Moss

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... solution 'banking ' versus a jumble of 3rd party 'best of breed' applications. ... Credit Auto Decisioning. Chip Card Readiness. GAP: Application Integration ... – PowerPoint PPT presentation

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Title: Getting the Moss


1
Getting the Moss Out of Wealthview Banking
2
Getting the Most Out of Wealthview Banking
  • Strategies In Use at Island Savings Credit Union
  • Case Study Presentation for Fincentricity 2006

3
Introduction
  • Darrell Jaggers VP Information Systems
  • Island Savings Credit Union
  • 1 Billion in Assets and Growing
  • 37,000 Members
  • 300 Employees
  • Head Office Duncan, BC
  • Implemented Prologic RBS in 1989.
  • Migrated to Wealthview Banking in 2002.

4
Island Savings Story
  • Corporate Culture Evolution
  • Service Culture
  • Service at all cost
  • Sales Culture
  • Increase depth of financial relationships
  • Relationship Culture
  • Member centered
  • The Banking System must support this ongoing
    evolution!

5
In Financial Services - The Only Constant is
Change
6
Island Savings Core Banking System Requirements
- Why WB?
  • Ability to control own destiny in terms of new or
    modified banking system functionality, support,
    cost structures, and system uptime.
  • Banking system fully supported by the vendor.
  • Banking system ability to be quick to market with
    new products and services.
  • Assurance of future extensibility in relation to
    new functionality and ability to grow with us.

7
Relative Cost Comparisons Feb-06(Source CUCBC
Comparative Analysis Report)
  • Data Processing cost per member
  • Data Processing cost compared to avg assets

8
Why WB? In-House Operations
  • ISCU has run banking systems operations in-house
    since 1991.
  • Exceptional systems uptime.
  • Exceptional operational risk audits.
  • Not just an operations department - still able to
    complete a substantial amount of business
    critical software development and integration
    over and above.

9
In-House Operations - Staffing
  • 3 Programmer/Analysts
  • 2 Business Analysts
  • Manager, Business Systems Process
  • Technical Architect
  • Network Administrator
  • 2.5 Part Time Computer Operators
  • Misconception its too costly for medium sized
    CUs to run banking systems in-house.

10
Keys to Maintaining EffectiveIn-House Operations
  • Process! Process! Process! Well defined,
    clearly understood processes around operations,
    software maintenance, and software development.
  • High quality WB Service Packs provided by
    Fincentric.
  • Streamlined processes for Service Pack
    implementation projects at ISCU.
  • Keep WB local layer as small as possible.

11
Why WB? Strategic Alignment
  • WB has a key role to play in enabling ISCU
    Strategic Business Plan.
  • Alignment to ISCUs Technology Plan is also
    essential.
  • Microsoft technologies used by WB are already the
    foundation for ISCUs enterprise data processing
    and information infrastructure.

12
Bank in a Box - PLUS!
  • Core banking system functionality has become a
    common denominator (suppliers are stressing this
    fact).
  • WB offers much more latent functionality than is
    given credit for (or is understood).
    Opportunities!
  • Integrated solution banking versus a jumble of
    3rd party best of breed applications.
  • Cost structures for integrated solution suitable
    for ISCU sized organization.
  • Low(er) cost solution but most bases covered
    for key areas of functionality needed (or thought
    to be) by CUs.

13
ISCU Key Corporate Projects Using Existing WB
Functionality
  • Corporate Information Strategy (enhanced
    reporting, dashboarding of key corporate metrics,
    balanced scorecard)
  • Shadow Filing
  • Householding
  • Member Segmentation
  • Profitability (contribution to margin phase1)
  • All tied directly to ISCUs strategic business
    plan!

14
More Key Corporate Projects Using Existing WB
Functionality
  • CRM Light
  • Online signatures.
  • Touchpoints.
  • Event driven notices (secure messaging to
    members, etc.).
  • Capturing of member contact preferences.
  • Pitch.
  • Referrals.
  • Dormant Inactive processing
  • Non Performing Loans functionality
  • Business Process Automation

15
Success Story - WB Loan Application Form
  • Improved L.O. had been a longstanding gap in WB
    functionality.
  • Understanding of what a LOS is supposed to do is
    poor (paper forms generation workflow auto
    decisioning)
  • Many vendors selling sexy solutions but nothing
    fully integrated or proven.
  • LAF project is a great example of Fincentric
    stepping up to the plate to build key
    functionality as a joint development project with
    CUs.

16
Banking System - Emerging Needs
  • ISCU is looking to Fincentric to play a key role
    in assisting in solutions development in the
    following areas
  • Application Integration
  • Workflow Automation
  • Business Banking
  • Credit Auto Decisioning
  • Chip Card Readiness

17
GAP Application Integration
  • Integration between applications is a key area
    where we see large opportunities for efficiency
    gains.
  • WB must interface easily to the outside world
    (front back ends).
  • Interfaces to 3rd party applications are a
    requirement (and must be able to be created
    quickly)
  • MemberDirect, MemberDirect Business
  • CUMIS / CRI
  • CMHC Emili
  • CRM (MS CRM preferably)

18
Gap Workflow Automation
  • Workflow Automation goes hand-in-hand with CUs
    desires to re-engineer business processes.
  • Microsoft technologies play a key role
  • Sharepoint portal server (Intranet)
  • Exchange (messaging)
  • InfoPath (e-documents)
  • BizTalk (business process automation)
  • .NET (services key programming technology)
  • WB needs to effectively utilize these new
    technologies.
  • WB Pathfinder is already a benefit!

19
GAP Business Banking
  • WB is a retail banking system and does not meet
    business banking needs very well.
  • Commercial lending support and commercial member
    initiation within WB is poor.
  • MemberDirect Business is a satisfactory Internet
    business banking solution there may be an
    opportunity here with CUCBC to make it better for
    WB users.

20
GAP Credit Auto-Decisioning
  • Rules-based credit auto decisioning is a logical
    next step in WB loans origination improvements.
  • Gateway to external provider and/or institutional
    decisioning parameters is what were looking for.
  • Fincentric has proven abilities in gateway
    development and the WB approval structures could
    facilitate an effective solution

21
GAP Coming Soon - Chip Card
  • Interac has mandated all financial institutions
    to move to chip card technology.
  • WB ATM/POS gateway will need new capabilities and
    new supporting banking system functionality.

22
Some Final Thoughts
  • The effort to stabilize the WB application
    through Service Pack effort over last 2 years has
    been a success - and was a necessity!
  • Fincentric needs to quickly move to new
    functionality development and delivery BUT must
    be aligned to market needs, not assumptions.
  • The integration layer, where functionality
    meets business process, could be a significant
    opportunity to add further value to WB.
  • We are very encouraged by Fincentrics efforts!

23
  • Were looking forward to getting
  • More of the
  • Most out of Wealthview Banking!
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