Cloud-based Financial Management Suite Bolsters Modernization and Transformation Initiatives
SAN MATEO, Calif.—July 23, 2014—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 centres, 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 Organisation.
In stark contrast, NetSuite enables credit unions to:
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 Organisation 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.
Rather than replace only the general ledger, Quorum elected to undertake a full financial system refresh. After a comprehensive evaluation that included both traditional credit union systems and several well-known comprehensive financial systems, Quorum selected NetSuite OneWorld for the following reasons:
"Quorum is transforming our business to better serve our members across the nation, and NetSuite is an important component to this transformation. NetSuite is built to grow as we do, and empowers our business in new and exciting ways," said Diane Silfstein, VP of Accounting and Operations at Quorum. "We were looking for a solution that not only would replace our existing systems, but offered additional functionality so that finance could be a more effective partner to the business. NetSuite provided all of that and saved us money by sparing us from the need to maintain software and servers."
About Quorum Federal Credit Union
Quorum is a financial institution focused on helping its members achieve their financial goals. Founded in 1934 as the exclusive credit union for Kraft Foods employees, today the credit union serves over 50 companies including Kraft Foods, Inc., Avon, Ogilvy, and Mondelez, and has over 67,000 members across all 50 states. With over $825 million in assets, Quorum serves its members with in-person and remote banking channels including branch, call centre, online and mobile services to enable better banking anywhere, any time. Quorum is headquartered at 2500 Westchester Avenue, Suite 411, Purchase, NY 10577. For more information about Quorum, please visit www.quorumfcu.org.
Today, more than 20,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organisations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
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