When Core Processing Becomes A Core Competency

Four can’t-miss data points this week on CreditUnions.com.

 
 

This week, CreditUnions.com takes a long look at core processing at credit unions. Across the week, we'll identify best practices in offering requests for proposal, the leading core processors in terms of market share, best practices in core processor conversions, and more.

Here are four can't-miss data points for the week:

5

That's the number of years since Desert Schools FCU has used a request for proposal for any major project. Instead, the credit union prefers to use a more conversational approach with vendors to discuss what it's trying to accomplish.

In "No Need For An RFP," the credit union outlines how it determined it was time to forgo the formal proposal and what it did instead to select a new core processor.

 

 

2,000

Creating a request for proposal for a new core processing system is no small matter. There’s no one right way to do it, but there are lots of better ways. For example: shorter is better, but thorough is best. One rule of thumb? Don't include more questions than you're willing to read, something that Share One — the Memphis, TN, CUSO — learned first hand when it was given a 2,000 question RFP.

For more best practices, read "Want To Ensure A Match Made In Heaven? Start With The Perfect Proposal."

2001

In 2015, Andigo Credit Union simultaneously changed charters, expanded its FOM, changed names, and built a new headquarters and a new remote data center. It was an ambitious undertaking, and the credit union knew it needed a flexible, scalable, adaptable core system to meet its new vision for the future, especially since Andigo had been with the same core provider since 2001.

Its first step? To clarify what, exactly, it was looking for in a new core. Learn more in "2 Journeys To A New Core Provider."

3

Choosing with whom to partner for a core system is one of the biggest decisions a credit union can make. And switching to a new provider when an existing one is no longer a good fit cannot be taken lightly. When a credit union is looking for a new core processor, what's the best way to organize all its options? How does it narrow the playing field so it considers only the right provider for its needs? How does it identify a core that helps similar credit unions thrive?

Consider "3 Ways To Identify Core A-Players."

Happy Reading!