Community Choice Credit Union and Rio Grande Credit Union Expand Relationship with Symitar and Member Driven Technologies to Enhance Commercial Lending Process
Credit unions select digital lending platform to boost efficiencies, enhance member experience
MONETT, Mo., Jan. 7, 2020 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar® division announced today that Community Choice Credit Union and Rio Grande Credit Union will leverage the Commercial Lending Center Suite™ to streamline the commercial lending process and support portfolio growth. Both credit unions selected the platform through their partnership with Member Driven Technologies (MDT), a CUSO that hosts the Episys® core platform from Symitar to provide a private cloud alternative for core processing and IT needs.
Farmington Hills, Mich.-based Community Choice Credit Union is a founding member of MDT and has a total commercial portfolio of $150 million. The $1.1 billion-asset credit union recognized the need for more comprehensive, robust portfolio management and reporting tools to support their expanding commercial lending business and ultimately selected the Commercial Lending Center Suite. Teresa Mayer, Chief Lending and Retail Officer for Community Choice Credit Union, explained, "We plan to strategically grow our commercial portfolio over the coming years to better serve businesses of all sizes throughout our community. The commercial lending platform from Symitar will help us more efficiently and effectively achieve this goal by streamlining previously cumbersome, manual processes and providing the digital functionality today's business borrowers expect. The platform also offers new levels of transparency, allowing our team to easily view everything about an individual borrower as well as the entire portfolio in a single location."
Albuquerque, N.M.-based Rio Grande Credit Union is in the process of launching their commercial lending department to better serve the local economy and state. The $340 million-asset credit union has successfully leveraged Episys through MDT for years. Erin Gomez, Vice President of Specialty Services at Rio Grande Credit Union, stated, "New Mexico is a traditionally underserved region, and we look forward to providing the small businesses in our community with the intuitive tools and functionality they need to grow and succeed financially. This commercial lending platform was a natural choice for us because of its modern digital capabilities, close integration to our core and ease of use for both employees and borrowers. Plus, we have always had strong partnerships with Symitar and MDT, and we look forward to working with them in this additional capacity as we expand our commercial offerings."
Shanon McLachlan, President of Symitar, added, "We look forward to expanding our relationships with Community Choice Credit Union and Rio Grande Credit Union to provide them with modern lending tools that will enable them to become more future ready. The suite's integration with their core platform through our partnership with MDT means these credit unions will benefit from boosted efficiencies, improved accuracy and a more holistic view into borrower relationships, enabling greater collaboration and smarter, more informed decision making. We are proud to join forces with institutions like these two credit unions that are dedicated to better supporting businesses in their communities and helping their local economies thrive."
About Symitar
Symitar, a division of Jack Henry & Associates, Inc.®, is the leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 800 credit unions, serving as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.com.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 9,000 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
SOURCE Jack Henry & Associates, Inc.
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