The credit union industry continues to transform. This new landscape presents its challenges — achievable for some, yet a stretch for other core system providers. High-quality, service-oriented core processors support their client credit unions every step of the way, helping them grow by delivering exceptional member service.
Here are some key elements credit unions should expect from their core processor:
A member-centric credit union service model
A multi-channel module and services distribution model
Superior technology and application-building resources
Share, replicate, and relentlessly enhance the model
Listen to and learn from all credit union customers, especially the dissatisfied ones
Strong risk management policies
E-Tools Enhance Core Reach To Members
All credit unions have some core processing system in place. They see and experience core functionality and then, typically, ask about ways to more effectively market to their members.
A query engine provides a significant advantage — it enables credit unions to perform data mining and enhance member relationship development. By sending instant e-notifications, this provides another member touch point. Email notifications also enable credit unions to deliver information in a much more efficient manner – e.g., electronic receipt for a member’s loan application – thereby reducing the need for and cost of postal mailings. In addition, email notifications provide credit unions with another channel to provide member updates and valuable content. In turn, this helps members learn and take advantage of their membership benefits.
Digital signature capture is important as well. There is no need for members to physically go to their credit union to apply for or complete a loan. First, the applicant signs a loan form electronically, then core system resources are assigned directly to record and manage the credit union member’s account. This empowers easy, instant access to loan, credit report, and account information to members and staff alike.
The storage of hard copy documents is cost-prohibitive and risky. Imaging tools and electronic documents provide a much safer and secure result for members. In addition, data redundancy is ensured through automated backups. Even though applications are in different modules, all the core reporting is recorded, journalized, and posted.
Credit unions are moving from batch electronic file transfer to highly automated real-time processing systems. Among multiple other benefits, this facilitates account information and document availability to members 24/7.
Many core providers also now use virtualization technology for various processes, including everything from home banking to EFT. Virtualization is used for backups as well, which simplifies a credit union’s physical infrastructure. This means less hardware to manage, a significant decrease in space requirements, and reduced costs to boot.
Systems And Services Foundation
Transforming the core processing system is a major step toward delivering high-performance member services. This strategic initiative both simplifies and embeds new service capabilities into a credit union’s operating model, thereby enabling a more service-oriented and competitive way to serve members and manage costs.
This new core systems processing transformation is typically an explore-and-discover journey. Because each credit union’s member services journey is unique — based both on high-priority capabilities and near-term needs — a modular, incremental approach is suggested.
The winning methodology includes partnering with experienced, multi-faceted technology providers. Indeed, this is key to developing and maintaining a core system that can adapt and grow as the credit union does the same.
Expect Optimal Outcomes
Credit unions should expect from their core provider:
Strong technical support for all users
A responsive customer service team
Timely answers to technical questions and issues
Quick and efficient problem resolution
Routine and non-routine questions and challenges resolved in reasonable timeframe
Add-on products and system tweaks as needed
24x7 system reliability and support
Core system updates per regulatory changes which affect credit unions
Technology security and regulatory compliance
After-hours emergency support
Solutions for credit union operational issues and challenges — e.g., how to develop new products and methods along with ongoing refinement of existing products and services
Front-line credit union managers are typically not concerned with how their technology is delivered. They just want it to be reliable and flexible, especially when it comes to delivering the upgrades needed to deliver new solutions such as mobile apps and the range of services members expect to have available through that channel back to the core.
A solid partnership with a core processor who gets it is a key to making that happen and achieving the credit union promise to its members.
About CompuSource Systems Inc.
CompuSource Systems, Inc. (CSS) is a national provider of core processing systems exclusively to credit unions. Our reputation for responsiveness has been built through 35 years of providing world-class systems and service to more than 350 credit unions. Our integrated core technology and services model are customer-driven. CSS offers the ideal solution for credit unions seeking value, transparency, agility and exceptional service that helps them deliver the same value to their members. To learn more, please call 1-800-295-9100 or email email@example.com.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
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