Avon, Conn., February 7, 2012 – COCC, a leading provider of open core processing services for financial institutions, announced record earnings, awards and new business in 2011. The company attracted eight new core processing clients and increased its revenue by six percent over 2010. At the same time, client ratings reached an all-time high, and industry organizations recognized COCC for growth and excellence.
“Our ‘can do’ attitude influenced everything we did in 2011 and is powering us into 2012,” said Richard A. Leone, President and CEO. “We are delivering high profile products to address the growth and technology needs of financial institutions throughout the Northeast. The foundation for these products - our INSIGHT system – continues to gain market share as a result of its next generation flexibility, capability and integration. We are pressing forward with a host of new product and service initiatives as well as new client prospects for the year ahead.”
Four independent organizations recognized COCC for growth and excellence in 2011. Inc. 5000 listed COCC among the 5000 fastest growing companies in the United States, and American Banker recognized COCC as one of the 100 largest financial technology firms worldwide. The Connecticut Technology Council and Marcum cited COCC as one of the 40 fastest growing technology companies in the state, and the Hartford Courant and FoxCT named COCC a Top Workplace in Connecticut.
Client ratings reached an all-time high of 4.46 on a scale of 1 to 5. Mr. Leone pointed to the high tech/high touch relationship with clients as the secret to COCC’s success.
In 2011, COCC took a major step forward in innovation with the introduction of ‘INSIGHT Apps’ – a revolutionary method for delivering core processing innovation. INSIGHT Apps enable clients to bypass large-scale software releases as the common method for enhancing their core processing systems. Instead, COCC clients can browse a library of solutions, select what they want, and even try a solution for free.
“The app approach to delivering solutions is simply unavailable to financial institutions that use older generation core processing platforms,” said Mr. Leone, “COCC is now able to respond to changing market needs faster than anyone in the banking industry. Apps are just one example of how our innovations enable our clients to succeed in today’s rapidly changing market for financial services. We are proud to be recognized as the premier provider of core processing services to financial institutions in the Northeast.”