Credit Union 1 migrates core to Jack Henry’s Symitar platform
Credit Union 1 (CU1), the second-largest credit union in Alaska, USA, has deployed Jack Henry’s Symitar core platform.
Jack Henry, which provides its core technology to more than half of the credit unions in Alaska, says its open banking infrastructure was the decisive factor for CU1 to shift its core, additionally claiming that the credit union’s previous provider had “integration limitations that would impact their ability to grow”.
Having now completed the transition after a year-long process, Jack Henry claims CU1 is already reaping the benefits, including enhancing its disaster recovery and business continuity plan and improving operational efficiencies.
CU1 has also connected its “key marketplace differentiators” such as its interactive teller machines to the core, saving time for tellers and giving members more access to self-service options.
Mark Burgess, president and CEO of CU1, says they were “impressed” by Jack Henry’s R&D into its technology, adding that the partnership will help the credit union achieve its “long-term growth and scalability goals while giving us the stability we need from a trusted financial technology company”.
As a banking technology provider in the US, Jack Henry claims to have a nearly 50% market share of credit unions with over $1 billion in assets and an ecosystem that includes more than 950 fintechs.