Evolution Symitar always wins good numbers of deals for Episys. In
Jack Henry’s FY17, Symitar had 17 new core deals – 16 Episys and 1 CruiseNet. Of these 8 were delivered through Symitar EASE.
Jack Henry has often replaced low-end systems from rivals, typically where these were reaching the end of their life. An example of such a client is Miami Florida-based Dade County Federal Credit Union. The credit union replaced a core platform that it had patched and built on to for more than 20 years with Symitar’s Episys in August of 2016. Jack Henry developed an app store for its Symitar division in 2012 called PowerOn Marketplace® where institutions can develop customized solutions and share them with their peers. To-date, the solution claims a nearly 100% CU participation rate, over 150 submitted solutions, nearly 150 unique downloaders per month, over 450 downloads per month, and over 16,000 downloads since inception. The starting point of PowerOn Marketplace was the Episys
system. This had always been a “communal melting pot,” said Symitar’s James Burke-Frazier, with sharing of developments almost from the outset, 20 or so years earlier, and the evolution of a “boutique culture.” The PowerOn Marketplace meant such sharing no longer needed to be on a one-to-one basis as it allows apps to be published and downloaded by any user. Once downloaded, the apps can also be modified. Testing,
Uptake
TruStone Financial Federal Credit Union, based in Minnesota, with $943 million in assets, went live on Episys in mid-2014. According to Tim Bosiacki, the credit union’s CEO, second time around TruStone Financial FCU considered taking Fiserv’s upgrade path to DNA following the announcement that Fiserv’s Acumen was to be sunsetted, but subsequently scrapped the idea. He says: “We had several meetings with the vendor and looked at what was on offer in comparison to what we needed, but we thought Episys was going to be a better fit for us.” The credit union was looking for a solution that could “give our members and employees an efficient and seamless experience with consistent information across all channels,” Bosiacki commented. Having looked at a number of hopefuls in the US market, TruStone Financial FCU narrowed the candidates down to two: Fiserv with DNA and Symitar with Episys.
Episys was chosen, Bosiacki said, because there were
quality assurance and checking of supporting documentation is done by Symitar. Because one cannot assume the skillset of the person downloading, documentation is very important. With the PowerOn Marketplace, users can see the most popular apps by number of downloads and also the ratings for each from those that have adopted them. Jack Henry announced the “next generation” PowerOn
Marketplace in June 2014. The latest version brought the previously promised ability for credit unions to sell their solutions to other marketplace users, to request specific custom solutions, and to upload additional file types, plus a utility to opt-in for monthly profiles of new and highlighted solutions.
In addition to PowerOn Marketplace, Symitar has announced several additional products in recent years. In 2015, Symitar announced SymAdvisor™, a consultancy service that provides on-site consultants to help credit union managers develop a strategy to most effectively utilize their Symitar systems, complementary Jack Henry solutions, and integrated third-party vendor products. In July 2017, Central Minnesota Credit Union implemented jhaEnterprise Workflow™ to replace manual processes with digital workflows. Workflow automation reduced Central Minnesota CU’s operational costs and risk while creating efficiencies across frontline personnel and in the back office. The credit union initially identified more than 100 workflows for its queue, with many of them now live.
“no surprises with Jack Henry and Symitar.” He added: “The implementation timeframes were spot on, what they told us was accurate and the system was exactly what we needed going forward from both a technology and a sustainability standpoint.” The project began in May 2013 and was structured in a number of phases including project planning and requirements gathering, system installation and configuration, conversion file testing, a big bang go-live and post conversion support. As well as core banking functionality, TruStone also implemented a number of Symitar modules including Advanced Reporting for Credit Unions™ (ARCU), cash recyclers/ dispensers (CFM), mobile and internet banking, mortgage servicing, teller capture and item processing, bill pay, online loan application and origination, and fraud monitoring. TruStone Financial FCU had acquired another credit union, Ladish Community Credit Union in Milwaukee, with around 2,400 members and assets of $15 million, and the intention was for this to also be moved onto Episys. TruStone was in Jack
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