As they move their core banking services to the cloud, this will herald a new era of sustainability for credit unions of efficiency, outreach and growth without increasing overheads.
Fern solutions have been designed for more than four decades to support credit unions and social lending financial services providers in launching member-centric products and effectively managing relationships; monitoring portfolio performance and social impacts; and gaining access to meaningful information on which to base strategic decisions.
Fern’s core banking system, Abacus OneWorld HUB, provides a solution to credit unions and social lending financial institutions that is both comprehensive and easy-to-use. Abacus OneWorld HUB offers a cost effective, modern, fully integrated and scalable solution that will not only meet current operational requirements, but also the challenges of advancing technology, market development and product offerings.
The rapid rise of mobile phone networks, and the fall in cost of mobile technology, has made alternative delivery channels a cost-effective way for financial institutions to increase their outreach and improve their efficiency while working in the field.
Abacus OneWorld HUB supports easy alternative delivery channels integration: our open database design and inbuilt APIs let you connect to established mobile money services; plug into ATM networks; and equip your Loan Officers with tablet devices that can be used even when there is no mobile network or internet connection. When combined with our ability to work in a hosted, centralised or decentralised environment, increasing outreach doesn’t mean complex infrastructure requirements.
Abacus OneWorld HUB provides full banking functionality options, including deposit and current accounts, cheques, overdrafts, commercial lines of credit and, where requested, connection to ATM/POS and mobile wallets, SMS alerts, plus internet and mobile banking.
We understand that choosing the right software solution for your credit union can be a challenge. Our approach to working with credit unions who are looking for a new solution to help support a new stage in their growth is to engage with all areas of the business, ensuring that we:
- Understand how we can support the key business drivers behind the planned system replacement
- Can enable both the products you have now, and the ones you want to offer in the future
- Will be able to improve efficiency through improved workflows and enhanced controls
- Can provide your management with the level of insight into their data that drives informed decision making
- Can clearly and unambiguously demonstrate that we will meet your identified needs, and explain how we will achieve it
Through 40 years and 400 implementations, we have built up considerable experience: dozens of interest calculation methodologies, workflows, fee calculations and innovative savings and loan products. Our approach to implementation is therefore a holistic one, focused on supporting you in realising a positive Return on Investment.