DNAapps Drive Results for Redstone Federal Credit Union and Recognition for Innovative CIO
When you think of the CIO 100 list from CIO Magazine, you think of chief information officers from multinationals like Proctor & Gamble, United Airlines and General Motors. This year, add Redstone Federal Credit Union of Huntsville, Alabama, to the list. That’s thanks to Harry Gunsallus, a CIO with a flair for developing core banking apps that have boosted the credit union’s bottom line and made broader waves in the industry.
Gunsallus, Executive Vice President and CIO at Redstone Federal Credit Union and President and CEO at Redstone Consulting Group, earned his place on the CIO 100 with a series of 26 DNAapps™ for the DNA™ account processing platform from Fiserv. He and his team first developed the apps for use at Redstone but they’ve also had an impact at other financial institutions through the online DNAappstore™.
"Solve for Redstone, solve for many," is the development mantra of the Redstone team, which has leveraged the DNAappstore to develop and market apps that solve real-world problems for financial institutions. Through this unique development process, Redstone has uncovered opportunities to increase efficiency and improve service with solutions that can be implemented quickly and at low cost. At the same time, marketing its DNAapps to others has created a new revenue stream for the credit union.
Developers have a tremendous sense of pride that’s derived from selling apps on the appstore and it’s made them be more creative.
There’s another major benefit: Gunsallus says the broader exposure that the apps receive has increased job satisfaction for the developers. "They have a tremendous sense of pride that’s derived from selling apps on the appstore and it’s made them be more creative," he says.
One of the more popular apps Redstone developed is a tool developed in response to concerns over how credit unions and banks would handle overdrafts under Dodd-Frank. The tool provides a snapshot of an account's standing and/or balance at the time of item presentment, helping Redstone and other financial institutions decrease inquiry resolution time by 75 percent.
Redstone, one of the 25 largest credit unions in the nation, has developed a growing reputation as a pioneering financial institution under Gunsallus’ leadership. In addition to earning a place among the CIO 100, Gunsallus previously was a 2012 BTN Innovator of the Year, while Redstone Federal Credit Union won the 2012 Celent Model Bank Award and was the subject of a major profile in the IBS Journal in November 2012.
To select the CIO 100 winners, CIO magazine employs a panel of 42 judges who evaluate nominees based on innovation and business value. The magazine notes that “many of the winning efforts focus on using advanced analytics to create new sources of revenue, improve customer experience and increase competitive advantage.”
Learn more about Gunsallus’ innovative use of the DNAappstore to develop and market core banking apps in the video below.