Press
Greylock launches Greylock Technology Group
PITTSFIELD (June 6, 2014) — Greylock Federal Credit Union announced the launch of Greylock Technology Group (GTG), its newest Credit Union Service Organization (CUSO). GTG will provide custom programming, training and DNAapp development for financial institutions that use the Fiserv DNA software system, an innovative core processing platform serving the financial industry. GTG will create and sell DNAapps to other institutions that use the Fiserv DNA core system through the DNAappstore.
Greylock President Marilyn L. Sperling said, “We are excited about the efficiencies GTG can bring to the daily operations of community banking institutions. This new CUSO is an important addition to Greylock’s family of businesses and we look forward to GTG’s contributions to financial industry information technology.”
GTG President Kevin Zimmer said, “Greylock Federal Credit Union’s Information Technology department is very proficient at creating custom programming solutions for Greylock. GTG is a way to share that knowledge with the community banking industry and generate revenue for Greylock Federal Credit Union. The applications GTG creates can be used knowing that the application being attached to the critical core system has been tried and tested.”
GTG currently has nine DNAapps for sale in the DNAappstore and over 100 custom DNA reports available for direct licensing. One of the apps GTG has created helps loan officers assemble data and produce criticized assets reports automatically. Previously, producing such a report could take up to two-and-a-half hours per relationship. Since its launch last year, Greylock’s Business Banking department estimates the app has saved Greylock more than 1,000 employee hours.
Three of the most popular apps developed by GTG are:
The Criticized Asset Report assists in the monitoring of an institution’s criticized assets. It collects all the information needed by Lenders, Credit Departments, Loan Review and Risk Management Departments to allow for quick analysis without wading through several screens of information.
This DNAapp reports data changes for loan accounts over a specified date range. The application has ten optional sections that can be displayed, as well as a parameter that can be used to not report changes made by automated processes (e.g. batch loan changes).
The Loan Credit Analysis (LCA) screen displays loan information useful for overall loan quality analysis. Data ranging from credit scores for all borrowers on the account to detailed property and appraisal information is shown.
About Greylock Federal Credit Union
Greylock membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County, Massachusetts. With assets over $1 billion, Greylock Federal is wholly owned by its more than 70,000 members and offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, Williamstown and Lanesborough. Greylock’s family of businesses includes Greylock Insurance Agency, Greylock Investment Group, Greylock Marketing Group, Greylock Technology Group, and Greylock’s Employee Benefits Services. More information is available online at www.greylock.org.
Greylock’s family of businesses includes:
- Greylock Technology Group provides programming and IT consulting for financial institutions.
- Greylock Insurance Agency with six locations county-wide, handles commercial and personal lines including auto, homeowner’s, life, disability, long-term care insurance, all forms of bonding, and 24/7 claims service.
- Greylock Investment Group with offices in Pittsfield offers access to a full array of services including financial planning, retirement planning, investment management, mutual funds, annuities and portfolio management.
- Greylock Marketing Group in Pittsfield is a full-service advertising agency dedicated to helping other credit unions, businesses and not-for-profit organizations meet their communications and marketing objectives.
- Greylock’s Employee Benefits Services offers comprehensive consultation and brokerage services for group medical, dental, life and disability insurance.