Lanco FCU live with new core banking system, Symitar’s Episys
US-based Lanco Federal Credit Union has gone live with a new core processing system, Symitar’s Episys. The solution is provided on a hosted basis by Member Driven Technologies (MDT), a domestic credit union services organisation (CUSO).
Lanco FCU was founded in 1965 in Pennsylvania to serve the financial needs of high school employees, and operated out of that same school for the first 20 years of its existence. Today, the credit union has four branches, in addition to a student-run branch located in a local high school that serves employees at selected schools in the area.
The credit union has recently experienced “significant growth”, MDT says, and “realised it needed a more robust and flexible solution to help it efficiently scale”.
Furthermore, the credit union relied on largely paper-based, manual processes, that were very time-consuming, the vendor adds. For example, certain loan processes took the credit union’s staff hours each month to complete. With the implementation of new software, this process has been reduced to “a fraction of the time”.
The conversion process was “extremely smooth”, the vendor adds.
Stacey Hankey, CEO of Lanco FCU, says “the first day live was steady and seamless, allowing us to maintain the consistent service”.
Hankey says the staff was well-prepared and trained, and the support provided by MDT and Symitar has been “truly exceptional”.
“As a community credit union, we don’t have a huge IT department, and outsourcing via MDT allows our employees to shift their focus from tedious software and hardware maintenance to more strategic and member facing activities,” Hankey explains.
“This partnership has also helped us enhance our digital presence; certain features that weren’t available to members before can now be accessed on smartphones or tablets.”