|Financial institution app store now offers 100 selections|
Unveiled in May 2011, the DNAappstore, an online marketplace for core innovation, enables Open Solutions developers, clients, and partners to create and share integrated, custom core extensions—called DNAapps—without altering DNA’s base code. As a result, all DNA core platform users, no matter their charter or location, can create and share innovations that benefit the entire global community of DNA users.
About half of the DNAapps currently available were created by banks, credit unions, technology firms, and independent development houses using Open’s free DNAcreator toolset—the same suite of tools Open Solutions developers use to enhance the DNA core platform. More than 30 organizations are certified DNAcreator developers.
Banks and credit unions have downloaded over 500 DNAapps from the DNAappstore, establishing this platform as a hub for technology innovation and collaboration. Meanwhile, Open Solutions has continued to invest in the DNA core platform with “native” DNAapps, like DNAweb—an integrated internet banking solution.
“The 100 app mark is significant,” says Louis Hernandez, Jr., Open Solutions chairman and CEO. “It proves that collaboration truly is an effective way for community-based institutions to compete with the deep pockets of their largest competitors. For the first time in history, banks are using solutions created by credit unions and credit unions are using solutions created by banks, all on the same powerful core technology platform. This radically different approach to enterprise technology is exactly the type of disruptive change the financial services industry desperately needed.”
More than 30 organizations are certified DNAcreator developers. One such DNAcreator developer is Redstone Federal Credit Union, which now offers 14 DNAapps to help institutions improve efficiency, lower costs and enhance service quality. Redstone’s most popular DNAapp, the Overdraft Research Tool, has been downloaded over 140 times. Notably, over half of Redstone’s DNAapp sales have been to banks, further exemplifying the cross-charter collaboration made possible by the DNA platform.
Through sales of its DNAapps, Redstone has transformed its development team from a cost center to a source of revenue.
David Mitchell, Open Solutions’ executive vice-president and chief product officer, says: “In the past, institutions had to wait on their vendor for enhancements. Now, the next big idea can come from any member of the community. Clients can work together to create game-changing solutions at a much faster rate and a considerably lower cost than traditional development models. Collective innovation is a key enabler, allowing community-based institutions to win.”
[This article was posted on March 27, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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