Gallagher Systems Group Announces Completion of Online Banking Module for Coastal Federal Credit Union

Business Wire, Nov 9, 2004

CHICAGO -- Gallagher Systems Group, Inc., a leading provider of information technology consultants for the financial services industry, announced today the completion of the online banking module for Raleigh, N.C.-based Coastal Federal Credit Union.

The project, started in 1999, required Gallagher Systems Group to redesign the credit union's online banking platform, Coastal Online Transaction Service (COLTS). The project consisted of designing, coding and changing the system from AIX to NT Windows 2000, creating an interface for electronic statements and bill payment and designing a one-click navigation and transaction history enhancement. Gallagher also designed, coded and tested the conversion of the online banking interface with IntegraSys' CUBE core processing product. The phase one rollout of the project was completed in 2000 and Gallagher has continued to support and enhance the platform.

Coastal Federal Credit Union was one of the first financial institutions to perform live transactions over the Internet when they originally launched the custom-developed Internet home banking product in 1996. By 1999, the credit union needed to upgrade its current platform, and at the time, the majority of financial institutions were using pre-packaged online banking platform products that required significant start-up costs and large fixed monthly costs. However, the credit union recognized that having a custom platform allowed them to have control of their own cost structures and the flexibility and customization they needed.

"We struggled with the decision to either enhance our current online banking platform or replace it," said Carlton Howard, vice president, E-Business Services for Coastal Federal Credit Union. "While there were several good technical packages available, none of the packages were really designed to suit our membership. We also recognized we did not have the expertise in-house to successfully support enhancing our current platform. We chose Gallagher to supplement and support us with enhancing our existing platform because we needed a partner that was fast, professional, flexible and could understand our vision for the home banking solution. Gallagher Systems Group was able to deal with our high degree of customization and rapid turnaround time requirements that efficiently met the needs of our technology-savvy member base."

According to credit union executives, Gallagher Systems Group provided the credit union with an economic way to develop a crucial delivery channel. The credit union looks to its online banking platform as an additional branch. With the redesigned online banking platform, the credit union has seen a significant increase in total transactions completed on the platform, and currently, the credit union's online banking module is completing as many transactions as one of the credit union's physical branches.

"With our years of industry experience and our ability to provide expert, skilled consultants, we were able to quickly assist the credit union in redesigning a crucial delivery channel," said Jake Maan de Kok, vice president of Gallagher Systems Group. "Today, members require solid, online functionality from their financial institution and we were able to economically provide that for Coastal Federal Credit Union in a way that positively impacted their return on investment in automation technology."

Gallagher Systems Group provides highly qualified information technology consultants to the financial services industry through superior retail delivery systems design, development, customization and implementation.

About Coastal Federal Credit Union

Established in August 1967, Coastal Federal Credit Union was formed through the efforts of eight employees of International Business Machines Corporation (IBM) who were confident that the credit union would help meet the financial needs of the local IBM community. In 1991, the field of membership was expanded to include employees of other businesses throughout the Triangle and Charlotte, N.C. areas.

Today, with more than $1.3 billion in assets, Coastal Federal Credit Union provides service to members worldwide through a network of 16 branches located in Cary, Charlotte, Concord, Durham, Garner, Raleigh, and the Research Triangle Park; the Transaction Call Center, which provides toll-free telephone access and mail capabilities; Coastal On-Line Transaction Service (COLTS), the free online banking program; and Automated Money Information Exchange (AMIE), the audio response telephone banking system.

To learn more about Coastal Federal Credit Union, please visit their Web site at www.coastalfcu.org.

About Gallagher Systems Group, Inc.

Chicago, Ill.-based Gallagher Systems Group, Inc. provides highly qualified information technology consultants to leading software vendors and financial institutions within the financial services industry. Founded in 1990, Gallagher Systems Group has developed relationships with some of the most experienced consultants in the financial services industry. Gallagher Systems Group resources implement and support leading edge applications in branch automation, core systems, online banking, e-commerce, CRM analytics, check imaging and other financial industry applications.