Sachin Kundra

EVP and CIO, Chevron Federal Credit Union

Supernova Award Category: 
Tech Optimization and Modernization
The Organization: 

Chevron Federal Credit Union (CFCU), is a not-for-profit financial institution dedicated to improving the economic conditions of its members across seven US states. With a wide range of products and services, CFCU addresses diverse national financial needs throughout life's journey. CFCU’s commitment to reinvesting resources into its members' well-being ensures continuous improvement and allows it to empower individuals and families to thrive financially. CFCU’s technology initiatives center on digital transformation. Its CIO & team was actively looking for ways to improve the customer and employee experiences to seamlessly deliver targeted products and services.

The Problem: 

The digital transformation was well underway, w/ the IT department migrating workloads from on-premises into the public cloud. But the biggest barrier to delivering better member & employee experiences was backend complexity. 

Many Chevron developers used to manually develop .NET applications and run FTP scripts. When business requirements changed, IT had to rearchitect entire applications, which meant slow, manual processes, as they didn’t have any real integrations. 

Employees relied on Excel documents, leading to duplication of work with no solid understanding of what was already completed.

Manual processes and labor-intensive applications were standing in the way of Chevron’s digital transformation.

Then when Chevron Federal Credit Union acquired Spectrum Credit Union, it brought new revenue streams, like solar lending. It gave IT the opp. to look for ways to improve the efficiency of its infrastructure, which it decided required a cloud-based integration solution to improve the member experience & increase agility so the company could take advantage of opportunities to retain members and attract new business.

“In my role as a CIO, I bring in different technologies and look at ways to solve business problems,” said Sachin Kundra, EVP & CIO at CFCU.

The Solution: 

CFCU needed a robust cloud-based integration solution to improve the member experience and increase agility to take advntage of opportunities to retain members and attract new business.

It considered MuleSoft and Jitterbit, but Boomi was the choice for power w/out complexity. In fact, Boomi was so intuitive, the IT department was able to use Boomi Integration and Boomi Flow to integrate applications and create a clean front-end in a low code environment – all without an implementation partner.

It’s now easy for the IT department to make changes as bus. processes change. All it takes is a quick change in the Boomi platform to update the entire outcome of the application. 

Members appreciate the simplicity of applying online for workflows like solar lending. They see a clean, simple interface powered by 19 applications integrated on the back end, such as DocuSign, Salesforce, ServiceNow, and many unique to the lending sector. 

The Results: 

Before using Boomi it took 90 days for results after members applied for mortgage refinancing. With Boomi, members get results 45x faster.

Additionally, after using Boomi, Chevron was able to take loans from a term time of 30 to 40 days to just five minutes, and CFCU went from $30 million to $250 million USD in incoming loan revenue all while using the same amount of staff because Boomi streamlined processes. 

Using Boomi helped the company eliminate manual processes for solar lending applications, cutting processing time from 60 days to just a few days for its Sunlight Financial workflow.

The company now has access to real-time data, leveraging Boomi to push real-time updates from its core banking systems into Salesforce, for example.

Chevron now delivers the seamless experience members expect, with the agile, cloud-native infrastructure it needs to scale.

“Our digital transformation has been successful because of Boomi Integration and Boomi Flow. Every business talks about digital transformation — it’s a buzzword. But they don't have the tools necessary to be able to actually achieve it. We do; Boomi powers our digital transformation,” said Kundra

He added, “With Boomi in our corner, IT has been able to say ‘yes’ to the business. Our employees feel more empowered to do their jobs, and our customer satisfaction scores have skyrocketed.”

Metrics: 

It used totake 90 days for results after applying for mortgage refinancing. With Boomi, members get results in just two days – 45x faster.

Using Boomi helped the credit union eliminate manual processes for solar lending applications, cutting processing time from 60 days to just a few days for its Sunlight Financial workflow.  

 

“Boomi has given us a competitive advantage and enabled us to scale the solar lending business to $USD 250 million in volume using the same amount of employees,” said Sachin Kundra, Chevron's EVP and CIO.

# of employees: 300+

Net income: $40 million USD

Assets: $4 Billion USD

The Technology: 

For Chevron, the Boomi AtomSphere Platform was so intuitive, the IT department was able to use Boomi Integration and Boomi Flow to integrate applications and create a clean front-end in a low code environment – all without an implementation partner.

CFCU members appreciate the simplicity of applying online for workflows like solar lending. All they see is a clean, simple interface that’s powered by 19 applications integrated on the back end.

Disruptive Factor: 

“Lots of companies have middleware, but what they don't have is the Boomi Flow layer that sits on top of Boomi Integrate. That allowed us to create 14 TurboTax-style workflows on top of our integration.

“What happened for us is that this very complex background process is handled beautifully by Boomi. We deliver a front-end that allows our staff and members to go in and make selections that therefore trigger some of these integrations. This is super powerful for us,” Kundra said.

Shining Moment: 

 “People talk about digital transformation & we're definitely doing our own version, but it's different - we're actually living & breathing it. It is in our DNA &  core foundation of what we do & all initiatives that we take on. We take experiences for members/employees/everybody & making it intoTurboTax-style exp.; a guided workflow to help people do their job w/out knowing the intricacies of how things work in the back-end."

About Chevron Federal Credit Union

Boomi aims to make the world a better place by connecting everyone to everything, anywhere. As a SaaS leader, Boomi touts the largest customer base among integration platform vendors and a worldwide network of approximately 800 partners. Global organizations turn to Boomi to discover, manage, and orchestrate data while connecting applications, processes, and people for better, faster outcomes.