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.” 

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About River Works Credit Union

River Works Credit Union was chartered as the General Electric River Works Employees Credit Union in 1936. The original charter was granted for employees and family members of the General Electric Company in Lynn. In 1989, the credit union moved its place of business from the General Electric River Works plant and expanded its product line from basic credit union services to the full service credit union it is today. Membership in River Works Credit Union is open to anyone who lives or works in Essex County or who resides within 25 miles of the credit union’s main office. For more information about River Works Credit Union, please visit www.rwcu.com.