Fern Solutions for Co-operatives
The Police Credit Union United Kingdom
The Police Credit Union (PCU) was set up by the police in the United Kingdom, as a savings and loan mutual for the benefit of serving and retired police officers/police staff and members of their households. It now serves the wider protective services including prison officers, probation officers and members of the armed forces serving all over the world. With over 40,000 members, they operate from regional branch offices mainly covering England and Wales.
After over twenty years of business, their systems were grinding to a halt. Their IT department had to manage 43 different databases just to provide a daily service to their members – and with a rapidly changing environment in UK lending, the PCU needed to reinvent its service offering in order to stay relevant and accessible to its clients. They determined that the best approach was to overhaul all its systems and implement a state of the art real-time 24/7 platform that its members could interface with from home, office and mobile.
The Solution – Abacus Internet Banking
Abacus Internet Banking was that solution. The Abacus Internet Banking platform is a cloud hosted implementation of Abacus that enables PCU to take advantage of the extensive functionality of Abacus without requiring any hardware investment on responsibility for ongoing maintenance. The Abacus Internet Banking is provided as a managed service by Fern Software, and in order to comply with UK Financial Industry regulations is hosted on an AWS server that is within UK borders.
As part of the Abacus implementation, Fern Software standardised and consolidated the 43 individual regional databases, enabling a single centralised multi-branch implementation.
Abacus Internet Banking enabled PCU to offer a more complete service to their members. The strong product definition capabilities of Abacus enabled them to expand the range of products and services they offered. The new members online access is a huge part of this new interactive service, allowing the customer to do everything that they could only previously have done if they visited a branch. It is delivered via two separate websites for the different members – policecu.co.uk for the police and serveandprotectcu.co.uk for the army – both of which link to the centralised Abacus implementation.
Modules for Abacus
Abacus 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.
Is this the solution you are looking for your co-operative institution?
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