The UK has about 390 credit unions whose members save together and lend to each other at an attractive rate of interest. Unlike their US and Australian counterparts, the customers of UK credit unions typically maintain their current (or checking) accounts separately, at a traditional bank.
As one of only a handful of UK credit unions offering current account products, LMCU customers have no need to do banking business elsewhere. With their full-service offering, LMCU supports the payroll services for several large organizations, including NHS hospitals, local authorities, and most recently, the Ministry of Defence (MOD). LMCU membership is also open to the broader community, including part-time employees and self-employed individuals.
LMCU ran separate applications for current accounts, savings and loan accounts, and online banking. These disparate systems made it time-consuming and inefficient for the employees to administer accounts, and it was equally burdensome for customers to track their own finances.
To improve efficiency and boost levels of customer service, LMCU began the search for a new, integrated solution. After an extensive search process, LMCU engaged with TCS BaNCS to deploy cloud-based core banking solution.
Read how TCS BaNCS on the cloud streamlines operations and expands product lineup for LMCU.