AVON, CT, January 12, 2010 - River Works Credit Union of Lynn, Massachusetts has selected COCC for a long term technology partnership. Maria Bazzi, President and CEO of River Works Credit Union, anticipates a dramatic expansion of products and services that will take the credit union to the next level of service to its members.
"COCC will provide the technology and support that our credit union needs to deliver the next level of service," said Ms. Bazzi. "Our goal is to offer all the banking tools that our members expect from today's most advanced financial institutions. COCC's integrated technologies and productivity enhancements are exactly what we need for efficient growth."
As a community chartered credit union located a few miles north of Boston, Mass., River Works Credit Union serves an educated population within sight of the world's largest financial institutions. Stephen Petrillo, Vice President and CFO, said that credit unions have no choice but to play like the ‘big boys' in today's market for financial services.
"Online account opening, remote deposit capture, and e-signatures/e-receipts are integral parts of our strategy going forward," said Mr. Petrillo. "Behind these capabilities are important infrastructure improvements that will improve our ability to track business trends and serve our members better."
Petrillo said that River Works is looking forward to automating basic tasks, such as investment management, loan sales and servicing, and combing member records to detect potential money laundering. Business intelligence will deliver tailored information to each staff member, in a form they can use as soon as it's received.
"Many financial institutions don't realize the time they waste performing menial, manual tasks," said Mr. Petrillo. "By using the latest technology instead of people to do this work, we will have more time to deliver meaningful services to our members."
River Works will use the extra time to expand its member business portfolio. An important tool in this effort is remote deposit capture which Petrillo said will help build relationships behind the credit union's business loans.
"Many businesses in our area have expressed interest in remote capture," he said. "Attorneys, doctors, property management offices, realtors - any business that accepts a good check volume - can benefit from remote capture. Once we establish that relationship, we can build upon it with additional services resulting from the technology upgrade."
River Works' search for a new technology provider included four companies, three of which had national footprints for core processing services. Ms. Bazzi said the credit union selected COCC because "their experience with nearly 200 banks and credit union clients in the Northeast and particularly Massachusetts credit unions says a lot. We found COCC to be proactive and responsive. The fact that they are owned by their clients means that we have a voice in our technology future."
Richard A. Leone, COCC's President and CEO, said, "Technology partnerships are among the most important decisions that any financial institution can make. We deeply appreciate the confidence that River Works Credit Union has placed in us, and we are excited by the many opportunities to help them realize their growth strategies. We truly believe that their success is our business."