Customers Drawn to DNA by Innovative Collaboration Toolset
Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial service providers throughout the United States, Canada and other international markets, announced today that twelve financial institutions have selected its core platform through Q3 2011 since launching two pioneering solutions: DNAappstore™, the first online marketplace to advance global collaboration and innovation for the financial services industry; and DNAcreator™, a powerful suite of tools for creating seamlessly integrated core applications.
Unveiled at Open Solutions’ 2011 Client Conference on May 2, 2011, DNAcreator allows Open Solutions clients, partners and independent third-party developers to build and share applications called DNAapps™ that extend the functionality of Open’s DNA™ core platform in new and unlimited ways. DNAapps are available to DNA clients through the DNAappstore, allowing the industry’s best ideas to come together in a single collaborative global marketplace.
With over 100 DNAapps and hundreds of downloads since May, the DNAappstore is turning DNA into the single, must-have platform for infinite creative potential – and the market is responding. Since launching DNAcreator and DNAappstore, Open Solutions has signed $2.1 billion asset Cambridge Savings Bank, $1.2 billion asset Stanford Federal Credit Union, and ten other community banks and credit unions through the end of Q3 2011. All told, these revolutionary new products have helped Open Solutions experience an 11% increase in bookings (total contract value) in the last twelve months ending September 30, 2011, pushing the company’s contractually obligated revenue backlog to nearly $900 million. On a quarterly basis, Q3 2011 bookings are up 18% compared to 2010, a dramatic increase that positions Open Solutions well for a blockbuster 2012. Over 530 institutions now rely on the DNA’s advanced technology, person centric data model, and culture of service.
“DNAcreator and DNAappstore are fueling the tremendous momentum we’re experiencing with DNA,” stated Louis Hernandez, Jr., chairman and CEO of Open Solutions. “Financial institutions know that technology is the best way to gain a long-term competitive advantage, and DNAcreator provides that advantage. Open Solutions clients, partners and independent developers are now able to build an unlimited variety of tailor-made solutions for their unique circumstances. And with DNAappstore, credit unions and banks worldwide have the opportunity to benefit from each others’ creativity forming a global collaborative network. It’s innovations like these that are attracting financial institutions to DNA, the most innovative core banking platform the market has seen in decades.”
Echoing Hernandez’s thoughts is Harry Gunsallus, senior vice president at Redstone Federal Credit Union, which is already realizing the benefits of DNAcreator and DNAappstore: “Not only are we building solutions for Redstone, we are selling our DNAappstore applications to other financial institutions. For the first time ever, the IT department can be a revenue generator instead of just a cost center. And, having sold over 140 licensed apps, we have a proven business model here,” explained Gunsallus in a recent press release.
“DNAcreator and DNAappstore are inspiring our clients to collaborate in new ways while simultaneously awakening our industry to the limitless possibilities available with the DNA platform,” stated David Mitchell, Open Solutions’ executive vice president and chief marketing officer. “Recently, Bank Technology News named Open Solutions to its list of the Top Ten Tech Companies to Watch, noting how the DNAappstore is already making an impact on how new technology is developed and distributed among financial institutions. As more institutions learn about these game-changing technologies, we expect our momentum to accelerate as we continue to do what we do best - enabling community banks and credit unions to succeed with the most advanced technology available.”
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