TECU Credit Union Co-operative Society Limited, one of the Caribbean's leading credit unions, operating for more than 60 years in Trinidad and Tobago, has deployed Oracle Flexcube Universal Banking.
With Oracle FLEXCUBE, the credit union has replaced its custom-built legacy core credit union solution and standardized on industry best practices to help it improve and expand service to its more than 30,000 members, adapt rapidly to changing market and regulatory requirements, and increase operational internal controls, efficiency and IT security.
Oracle FLEXCUBE provides TECU with a single view of its members and the services they use, and gives the credit union the visibility and agility to quickly launch new products and services.
With Oracle FLEXCUBE, TECU has not only overcome the shortcomings of its legacy systems, including batch processing and limited audit trails, but also significantly improved efficiency through business process automation. TECU has, for example, automated loan processes to more efficiently track delinquent loans and complete auto-payment of monthly installments.
With the help of Oracle FLEXCUBE, TECU has implemented role-based access management, which meets their internal control requirements and security guidelines.
TECU's implementation runs on Oracle Database.
"At TECU, our mission is to provide a range of products that satisfy our members' needs and deliver quality service that exceeds their expectations while promoting efficiency and generating excellent returns. Oracle FLEXCUBE has given us a solid foundation along with the visibility and agility required to improve on all of those objectives," said Ian Haynes, President, TECU Credit Union Co-operative Society Limited.
"Financial institutions of all types, including credit unions like TECU, continue to explore ways to improve customer or member satisfaction, increase efficiency and streamline compliance. Oracle FLEXCUBE Universal Banking provides the improved visibility, efficiency and flexibility they require to meet these goals and compete profitably in today's financial services market," said George Thomas, Vice President, Fullfilment, Oracle Financial Services.
"We appreciate the opportunity to assist TECU, one of the leading credit unions in the region, with their rollout of Oracle FLEXCUBE Universal Banking to help them meet customer needs while achieving greater business value," said Miguel Ralat, Managing Director, Oracle Caribbean.