SAN MATEO, Calif., July 23, 2014 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Quorum Federal Credit Union ( www.quorumfcu.org), one of the nation's strongest credit unions with members in 50 states and a network of more than 86,000 ATMs and 12 service centers, has selected NetSuite OneWorld to manage its financials, help support its rapid growth and power its business transformation. The Purchase, N.Y.-based company is replacing multiple, siloed software applications and a multitude of spreadsheets with NetSuite OneWorld to run its core financial management operations including general ledger, purchasing, accounts payable, fixed assets, multi-company financial consolidation, budgeting, forecasting and electronic payments. With an 80-year history and origin as the Kraft Foods employee credit union, Quorum has grown and evolved rapidly in recent years, including the recent launch of a new brand and a slick, new online and mobile banking platform to better serve its members. Adopting NetSuite OneWorld can enable Quorum to transform its business operations and gain the visibility, agility and flexibility it needs to grow the business, while eliminating version lock, and the costly upgrades and maintenance of its previous on-premise legacy systems.
Credit unions today face a number of challenges, including fierce competition with large regional and even international banks, regulatory reform, and evolving customer needs. At the same time, many credit unions are running on legacy, on-premise business systems that are ill-equipped to deal with today's constant pace of change and rising customer expectations. All too often, credit unions have had to rely upon multiple, disparate systems and spreadsheets to manage their finance organization.
In stark contrast, NetSuite enables credit unions to:
- Free up resources and drive efficiencies by delivering a single unified software solution that combines all financial management processes.
- Streamline reporting and gain real-time access to key business performance indicators and analytics needed to support timely, data-driven decisions.
- Leverage NetSuite SuiteCloud, a robust, scalable, and flexible development platform designed for fast growing organizations to quickly and easily adapt to unique business changes, through customization and integration.
In 2010, despite the economic turmoil in the financial industry, Quorum launched several innovative growth and experience enhancement initiatives that helped it grow its membership from about 50,000 members to more than 67,000 members today. However, the member-owned organization faced the new challenge of maintaining legacy on-premise systems that are costly, cumbersome to maintain and difficult to scale as their business expanded. In addition, the previous accounting system Quorum was using for its general ledger was no longer being supported, creating additional pressure on the credit union to change systems.