Five technology vendors have been selected by Credit Union Australia to receive request for tenders for the firm's core system overhaul. The system being replaced was one developed by CUA in-house many years ago.
Chris Whitehead, chief executive of CUA, said on a conference call for reporters yesterday that documentation would be sent out by the end of the month with final decisions being scheduled for early in the new year.
Global providers of core banking systems are among those on the shortlist, who must have options within CUA's price range for a new system. Local providers of banking solutions for credit unions appear to have missed the cut.
CUA is also upgrading its website and digital strategy, its back office automation systems and distribution solutions.
Credit Union Australia also yesterday used the briefing to spruik extracts of its 2010 profit, but failed to provide financial statements, despite the conference call being the third media event in three weeks intended to drum up improved coverage for the country's largest mutuallly-owned deposit taking institution.
Underlying profit, according to a media release, was up slightly to $43.1 million and more when a one off loss on a derivative investment last year is taken into account.