How We Digitally Transform FinTech Companies

Impact

TDECU now has a golden record of truth for member data. They have fully integrated core banking and CRM solutions. Their loan systems can now communicate with their core 
banking seamlessly.

We also…

• Reduced time to service High Yield checking conversions from 2 days to 30 seconds
• Reduced time to process balance transfers impacting $7.7 mill to date
• Increased speed of qualification process for loan extensions impacting more than 30k
• Implemented logging increasing security and efficiency for 33k records
• Reduced more than 250k paper statements mailed
• Automated processes for suspension and reactivation of an account

Story

FinTech companies across the U.S. have been undergoing a large-scale digital transformation, indicative of an increasingly competitive market. To meet the demands of their customers (members), credit unions, in particular, are adapting to changing consumer behaviors and embracing technology more than ever before.

A specific example is one of TechStone’s customers, TDECU. With 35 branches, TDECU has grown into a company with $5 billion in assets. Its digital transformation included enhancements to mobile banking, credit card services, loan services, branch self-services, and others. Because of these front-end changes, the IT department at TDECU needed to overhaul its back-end systems and processes.

The overall data strategy needed to be transformed, including data transformations, data governance, data integration, master data management, and data analytics and visualization. An abstract integration layer and data hub needed to be implemented, leveraging APIs across the enterprise.

TDECU partners with TechStone as its data management advisor to implement these changes and technologies. Integrations included the Core banking application DNA, Encompass and MeridianLink for loans, and MS365 for CRM. TDECU purchased Boomi for all of its integration needs and for its Data Hub to master all member data.

With TechStone and Boomi, TDECU can complete their digital transformations, taking their business to the next level. See Solutions 360 Connect the FinTech Accelerator