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River
Works Credit Union Selects COCC for
Technology Partnership
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 (below, with Steven
Petrillo, Vice President & CFO),
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.” |
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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.” |
