The Challenge

Credit unions are facing significant technology challenges such as legacy infrastructure, closed systems, inadequate integration, delayed adoption, inaccessible data, and lack of security. Utilizing a credit union owned fintech partner that can deliver a secure and modern technology platform can drastically improve security, productivity, system integration, and data access.

The Build

Corporate Central launched Beastro, a software as a service corporate credit union platform, to credit union members last year. Beastro was designed and built from the ground up for credit unions. Now Corporate Central and its members control the functionality, enhancements, and innovation. The Beastro financial technology is driven by member needs. Beastro is an opportunity for the credit union industry to come together on a technology platform and compete more effectively among our financial services industry competitors.

Beastro is an industry leading financial technology with an open API based architecture for integration with the financial services ecosystem and fintech. Beastro is in a unique position as a platform and hub for credit union transactions and services.

The Member Experience

• Enhanced Security
o "Moving money is easier and safer through the Beastro platform" – Shauna Zant, Oakdale
o "Moving money is easier and safer through the Beastro platform" – Shauna Zant, Oakdale CU

• Efficiency
o "Beastro will lead to more efficiencies and I’m excited to see where it goes in the future" – Becky Tourdot, Heartland CU
o "Beastro users are more confident to execute their tasks in a timely manner" – Stephanie Schmidt, Corporate Central CU
o "Using Beastro for our certificate investments is really quick" – Michele Lehman, St Mary’s & Affiliates CU
o "Beastro is like having an all-in-one tool and we know we have an A+ team right behind it" – Megan Gysbers, Fond du Lac CU

1. Cash Forecasting and Automation

A $5B credit union with 30 branches was looking for cash management efficiencies and forecasting opportunities. Instead of manually entering branch, ATM, and ITM orders into multiple systems. Based on member demand Beastro now integrates with logicpath which provides Cash Forecasting Service to member credit unions. Logicpath’s proprietary cash inventory management allows credit union members using Beastro cash management to accurately forecast and order cash while optimizing inventory levels across their organization. By analyzing data from device applications and teller platforms, the logicpath integrates all cash points seamlessly, helping credit unions save time and money by better managing their cash network. Analytics allow credit unions to leverage global inventory management techniques to predict demand and uncertainty through cash forecasting and optimization, down to the precise denomination levels in each location. Leveraging artificial intelligence with forecast accuracy ensures cash demand is met at the lowest possible cost.

The Case Studies

2. Cash Delivery

Beastro integrates with armored car carriers for cash delivery services providing members multiple armored carrier cash delivery options using a single user interface, Beastro. Users order cash with the Beastro Cash Management module and the open API integration transmits the orders to the various armored carriers and communicates status back to Beastro.

3. Financial and Accounting Productivity

Beastro integrates with Microsoft Dynamics Business Central accounting system which automates the transaction and general ledger account updates between the applications improving productivity for the finance and accounting team. Posting and reconciling general ledger transactions used to take several hours each day is now done in minutes.

4. Service and Sales Force Automation

Beastro integrates and synchronizes member sales, marketing and service information with Microsoft Dynamics Sales, Service and Marketing. Updating member information such as demographics used to be a manual, error prone process is now done automatically. The open APIs make available integrations with any accounting, sales, marketing, and service applications.

5. Sales and Marketing Integration

Beastro integrates and synchronizes member sales, marketing, and service information with Microsoft’s Dynamics Customer Experience platform. Updating member information such as demographics used to be a manual, error-prone process – but is now done automatically. Open API architecture allows for integrations with any accounting, sales, marketing, and service applications.

6. Document Management and Data Warehousing

The Beastro Document module is a central repository for agreements, documents and statements. Beastro integrates with PrimaryFinancial to deliver SimpliCD statements including history to the Documents for Beastro users or member credit unions. One member said they “Love, love, love, the SimpliCD/Beastro statement integration. Well done!” – Karen Jurasek, Generations CU

7. Customer Enhancements

Beastro users submit enhancements requests within the application and unlike in the past with the outdated, legacy, and ridged “bank core”, the development team is enhancing Beastro on a routine, agile basis. 74 user submitted enhancements are released with 110 in the queue. Users are asking for core banking (Jack Henry Symitar, Correlation Keystone, Fiserv DNA, etc.) integrations and the Beastro open API architecture puts it in a position to deliver core integrations that improve member productivity.

The Next Step

Corporate Central is seeking opportunities to integrate innovative technology offerings. Examples include:

  • Intelligent fraud prevention utilizing aggregated credit union transactions and data

  • Faster and lower cost money movement

  • Loan participations

  • Core integration

  • Artificial intelligence virtual assistance
    Corporate Central is planning for the next major modules and enhancements in 2024 that will include integration to innovative fintechs in the financial services ecosystem. See Beastro | Automation. Innovation. Integration.

Contact: Gregg Tushaus, Chief Technology and Strategy Officer, Corporate Central, gregg.tushaus@corpcu.com.