North Bay Credit Union, the oldest credit union in Sonoma County, California, has partnered with Indiana-based software vendor Sharetec to deploy its Velocity web-based core banking solution.
Sharetec says the credit union selected its tech after evaluating “half a dozen alternatives”.
Speaking on the partnership, Chris Call, North Bay’s CEO, says the firm “liked Sharetec’s open platform API, which is especially critical to our business model strategy of being a sponsoring FI”.
“In addition, we were impressed with the system’s overall functionality and adaptability, cloud-based architecture, and friendly user experience.”
By utilising Sharetec Velocity’s open API capability, the credit union aims to connect to “growing fintech partner organisations” to quickly introduce new product offerings, enabling it to adapt to shifting customer demands and improve member experience.
Call adds that Sharetec’s “reputation and its client base, heavy with credit unions, were also important” in the firm’s decision-making process.
With $120 million in assets, North Bay currently offers checking and savings accounts, as well as a range of loan services, including agricultural, home, vehicle, private student loans and mortgages.
Since its founding in 1993, Sharetec has grown to support nearly 300 credit unions. This year, it welcomed Regional Federal Credit Union, based in northwest Indiana, and Oshkosh Community Credit Union (OCCU) in Wisconsin, to its client list.
