Case Study: IT Services for a Local Credit Union
Overview:
A local credit union found itself facing rising internal IT burdens, slow response times from vendors, and growing cybersecurity concerns. This credit union needed IT strategy while their core banking platform was functioning, the surrounding IT infrastructure—workstations, printers, phones, email systems, and cybersecurity—was increasingly difficult to manage effectively and they needed the right IT partner.
Key Challenges:
- 1. Regulatory Compliance:
- Credit unions are subject to audits from multiple regulatory bodies, including state and federal agencies.
- They must maintain robust disaster recovery and business continuity plans and demonstrate these capabilities during audits.
- 2. IT Infrastructure Needs:
- Unlike larger banks, credit unions often lack extensive internal IT resources, requiring reliable external support.
- Infrastructure must support teller stations, signature pads, and mortgage processing systems seamlessly.
- 3. Security and Risk Management:
- High expectations for data security and compliance with regulations such as PCI and other financial standards.
- Need for reliable disaster recovery solutions to maintain operations during outages or cyber incidents.
- 4. Budget Constraints:
- Credit unions must maximize IT efficiency due to limited budgets compared to larger financial institutions.
“We really enjoy working with this credit union because their leadership truly understands the value of technology and has invested heavily in it. Credit unions operate differently from banks—they aren’t driven by profit, so they have to be really efficient with IT budgets. This client works closely with us to make intentional investments in technology, which means we’re able to deliver consistent, reliable results without fighting fires every day.”
— Andrew Eckstrom, Succurri VCIO
Succurri’s Solution:
- Regulatory Support & Audit Advocacy:
- Succurri actively participates in audit preparation and defense, leveraging their security expertise to ensure that credit unions meet all compliance requirements. They provide direct support during audits to advocate on the client’s behalf.
- Infrastructure Optimization:
- Provides tailored IT solutions, including management of teller stations, signature pad setups, and mortgage department integrations.
- Supports critical financial systems, including Fiserv for online banking integration and account management.
- Security Management
- Implements robust security frameworks, including endpoint protection, data encryption, and secure cloud solutions to safeguard sensitive client data.
- Ongoing lifecycle management to predict and budget IT costs up to seven years in advance, preventing unexpected expenses.
- Disaster Recovery and Continuity Planning:
- Developed a comprehensive disaster recovery plan that includes setting up emergency operational sites. For instance, Succurri routinely tests emergency system activation at partnered credit union sites to ensure compliance and readiness.
- Strategic IT Planning:
- Regular Quarterly Business Reviews (QBRs) to ensure that IT strategies align with the credit union’s financial and operational goals.
Key Differentiator:
Succurri’s proactive life cycle prediction and budgeting capabilities set them apart from competitors. Their ability to forecast IT expenses and plan for hardware and software updates well in advance helps credit unions maintain budget stability and avoid costly surprises.
Testimonial
Why Great IT Support Matters to Credit Unions:
Credit unions, unlike large banks, need IT solutions that balance high security with cost-efficiency. Succurri’s tailored managed services not only ensure operational stability but also provide strategic insights into future IT needs, helping credit unions maintain compliance and minimize risks without overextending their budgets.
