This week, CreditUnions.com makes core processors a primary concern. We identify when the time is right to convert, how to keep the conversion process a happy one, how to narrow the playing field for providers, and more.
Here are five can't-miss data points.
Converting a core processor can be a silver bullet for credit union success, but knowing when to pull the trigger can be a moving target. Tipping points that say now’s the time to switch include concerns about platforms being in maintenance mode or even sunsetted, vendor support and pricing, and the ability to scale with a growing credit union both in terms of basic functionality and new offerings. Core providers, consultants, and credit union leaders say there are multiple reasons to make that big decision. Here are four.
Read: 4 Tipping Points For A Core Conversion
There are few situations more fraught with peril or packed with possibilities for credit unions than a core conversion. The data processing system is the hub of the wheel that makes the modern financial cooperative go ’round, and the conversion process can be bumpy. Then, when it’s over, credit unions must figure out how to harvest the potential of their new system. But credit unions don’t have to go it alone. Vendors provide guidance during and after the conversion process, and consultants weigh in with expert opinion. Plus, credit unions themselves are happy to share best practices emerging from their own experience. Here are five.
Read: 5 Ways To Avoid A Bumpy Core Conversion
Knowing when — and how — to convert core processing platforms is a challenge that hundreds of credit unions fear and embrace each year. Andigo Credit Union converted to a new core platform in October 2017 after 16 years on its former solution. Sean Bowers, the suburban Chicago credit union’s executive president and chief lending officer, shares how Andigo decided when and how to convert as well as how it’s leveraged lessons learned to improve products, processes, and collaboration.
Read: How Andigo Captured Core Conversion Happiness