Published Date:
25/02/2005

NSW Teachers Credit Union Choose Ultradata’s Core Banking Solution

Ultradata Australia (Ultradata) is pleased to announce that one of Australia’s largest credit unions, NSW Teachers Credit Union (NSW Teachers), has chosen Ultradata as their preferred technology provider for their core banking operations.

NSW Teachers, who currently use the CorvisFCS system, are now in the process of migrating to the Ultradata Credit Union Solution.

NSW Teachers recognised that converting to the Ultradata Credit Union Solution would provide a resolution to their current challenges. According to Brad Hedgman, General Manager Finance & Administration, “we wish to gain the benefits of dealing with a single, consolidated system, rather than dealing with many disparate sub-systems and suppliers as we do now, and to take advantage of the enhanced product development capabilities of the Ultracs system as soon as possible.“

The Ultradata Credit Union Solution is a complementary suite of software and services providing a low-risk, core banking system that incorporates transactional banking and deposit taking; loan origination and management; member contact and management; sales & marketing management; financial management and decision making; payments and arrears processing; and electronic statement generation.

Offering a wide range of delivery channels, such as Internet banking, web lending, phone banking, ATM, branches, agencies, and Australia Post (GiroPost), the Ultradata Credit Union Solution will give NSW Teachers various avenues in which to build convenient and effective communications with their members, using an all-in-one solution.

The Ultradata Credit Union Solution is a powerful engine for improving customer service capabilities. The automation of business processes is an important feature of the solution capitalising on the benefits of a fully integrated and automated system. The ultimate focus is on the members’ experience with NSW Teachers.

“The solution will give us the capacity to offer new and improved products and services to our members using a member centric model, and a streamlined user interface. We are very excited about the possibilities that will be available to us,” said Mr Hedgman.

NSW Teachers is focused on the positive outcomes that will be gained in implementing the Ultradata Credit Union Solution. “There will be significantly reduced costs on our operations,” said Mr Hedgman. “The first major area where we see these costs being reduced is through the reduction of third party costs. The second major area is the reduced cost of keeping the system at the latest release, and not having to consider third party systems and modifications.”

The Ultradata Credit Union Solution promotes strong relationships with members. Using one low-risk vendor the costs associated with offering a complete core banking solution are lowered. NSW Teachers will be able to focus on their core business rather than being consumed by various vendor interface requirements.

“We see ourselves as maintaining our position as one of the most efficient credit unions in the country, while still attaining the highest possible member satisfaction levels,” said Mr Hedgman. “Ultradata will help us to continue to achieve these outcomes.”