Online Resources Corporation (NASDAQ: ORCC), a leading provider of digital financial services, today announced that Lake Michigan Credit Union ($3 billion in assets, 185,000 members) successfully launched its Architect TM Digital Banking solution, converting nearly 102,000 members to the new platform after a smooth implementation. A client of ORCC’s bill pay services since 2002, Lake Michigan Credit Union now offers members a single user experience from their banking and bill pay services. Both solutions integrate seamlessly with the credit union’s Symitar core solution. “Converting to a new system of any kind is probably the largest, most complex project a financial institution can undertake, and with it comes many challenges,” said Razi A. Qadri, CIO and SVP of Corporate Services Group for Lake Michigan Credit Union. “From past experiences of converting other systems and knowing what can potentially happen, we didn’t anticipate that it would go as smoothly as it did. ORCC truly has the best implementation team.” Ultimately, Lake Michigan Credit Union’s success is attributed to the execution. The ORCC implementation team ensured that the credit union was well aware of the significance of the final conversion, developing a detailed conversion plan with little impact on members. As a result, Lake Michigan Credit Union seamlessly converted nearly 60 percent of its current members to its online banking platform, with plans to grow its member base. “Lake Michigan Credit Union continues to set the industry standard by providing superior online service to increase membership,” said Steve Ryan, executive vice president of Software Solutions & Services for ORCC. “We look forward to meeting the current and future needs of its growing member base.” ORCC’s Architect solution enables Lake Michigan Credit Union’s members to not only have a highly-intuitive, personalized user experience, but one that adapts to user behavior and preferences. The credit union can also now offer members new advanced functionality. With Architect’s extensible platform, Lake Michigan Credit Union has full control to easily add or develop their own new and innovative features as new trends or needs emerge as well as manage new configuration and administration as user adoption increases.
Shares of Online Resources Corporation (Nasdaq:ORCC) were gapping down Wednesday morning with an open price 30.4% lower than Tuesday's closing price. The stock closed at $6.05 yesterday and opened today's trading at $4.21.