FRANKLIN FIRST FEDERAL CREDIT UNION SELECTS COCC FOR DATA PROCESSING PARTNERSHIP

AVON, Conn. August 31, 2005 — Franklin First Federal Credit Union, a 47 year-old financial institution with over 8,500 members located in Western Massachusetts’ Pioneer Valley, has selected COCC to provide a full range of next generation financial data processing services. Franklin First’s partnership with mutually-owned COCC marks the first time that the institution has selected a service bureau to deliver its information technology.

“We are looking forward to serving the community across a broad spectrum of areas,” said Martha Richardson, President and CEO, Franklin First Federal Credit Union. “COCC gives us a great selection of member services plus the time to go into the community, not just to attract new members but to serve their financial needs. I fully expect to delight our members.”

Strong growth has been a fact of life at Franklin First over the past five years. The credit union adopted a community charter in 2000 and quickly grew its assets by 75%. That growth continues due to new visibility in a new building and the strong economy in Western Massachusetts.

The decision to partner with COCC came from the increasing complexity of information technology requirements and the greater need to focus on member services.

“We wanted to get out of the data processing business and grow our services,” said Richardson, who previously ran an in-house core processing system. "We need flexibility to handle new and changing products. COCC’s advanced technology will enable us to do a better job of connecting the member via all points of contact with the products that fit best." 

Open architecture is the basis for COCC’s system, creating the flexibility necessary to run a service-centered financial institution. The system provides credit unions with a fully-featured strategic product platform that integrates core data processing with important products such as Internet banking, debit card processing, imaging, interactive voice response, business intelligence, and financial accounting. 

“We were especially pleased to know that COCC has a direct connection to Online Resources, the vendor we had selected for Internet banking,” said Richardson. “COCC’s connection gives us real time transaction processing and balance updates.”

Richardson added that members will see the same balance on their Internet banking screens as they see on their teller receipts and their ATM displays. “That should reduce member confusion and hold down the number of NSFs,” Richardson said.

Franklin First also expects to streamline basic processes, such as account opening and courier runs to pick up transit items. “We love the idea of scanning the member’s driver’s license to gather their personal information. That will save time and improve service,” said Richardson.

COCC’s image exchange capabilities will virtually eliminate teller holdover and courier runs while expanding the credit union’s research capabilities. “We really appreciate having one provider who can wrap everything under one roof,” said Richardson. “Everyone from COCC was professional, easy to talk to and willing to visit our credit union to explain systems and processes. That greatly simplifies training.”

The credit union is part of a growing trend among institutions that switch from in-house processing systems to service bureau. More stringent regulatory requirements plus rapidly expanding product needs have pressed credit unions to find other ways to deliver the services their members expect.

“Credit unions throughout the country are seeing the wisdom of using service bureaus that deliver the full range of services on the most advanced technology platform,” said Richard A. Leone, COCC’s President and CEO. “We are proud and pleased that Franklin First recognized the long term value in a partnership with COCC.”