Adopting a new core processing platform for your credit union is nothing if not an investment--and it's one that deserves to be protected. In many ways, it's the foundation upon which the future success of your organization will be built--both for your members and your employees. But you can't get to that point if you don't take a few important steps in the short term in order to guarantee success over the long haul.
With that in mind, here are three best practices for credit unions that you can start using immediately to get the most out of your core platform.
2023 Callahan & Associates Supplier Market Share Guide for Credit Union Core Processors: FLEX Featured Article: Enabling Growth Through Efficiency
How Credit Unions Can Get the Most Out of Their New Core Platform
- Allocate time for learning. Changing core platforms is disruptive to the credit union and its membership. At the heart of this change is the staff's ability to adapt to the new core platform and become experts that can assist in the member transition. Allocating adequate time to utilizing training tools and working closely with the vendors' conversion team will go a long way in this process. This includes creating a staff training plan. Senior management may be making the final decision, but staff will play a big role in the conversion's success.
- Identify early adopters. Staff training strategies are only step one. To maximize the chances of the project's success, management should be aware of the staff that is most receptive to the new core system. There is a reason the credit union has made this investment--it is important to identify users that may have been frustrated with the status quo of the previous system or those that are receptive to the new technology. These individuals will be those that maximize the cost investment of the new system and create efficiencies through leadership that the new system was intended to create.
- Adapt to the new technology. New technology should create efficiencies. Be willing to make adaptations in policies and procedures that amplify the strengths of the new core platform. New technology coupled with old procedures will negatively impact the confidence of both staff and members. Better said, if we take a "Blackberry attitude" into an iPhone transition we are not going to maximize the investment in the new device. Be open-minded to where the new core platform can take your credit union.
Implementing These Practices
In the end, all of these best practices are valuable even after your credit union has its new core platform up and running. You should always allocate time for learning, as continuous improvement is how organizations grow and evolve. New technology--both large and small--can appear fast. Those who adapt will be the credit unions who are in the best position to make the most of it. Your earliest warnings of that will typically come by way of those aforementioned early adopters, which is why you should make it a point to identify them and always listen to what they have to say.
To put it another way, adopting a new core processor is just one small part of a much larger story. To have that story continue to play out in all the ways that you need, one must follow the processes outlined above.
At FLEX, we have recently published our featured article that was showcased in Callahan & Associates, 2023 Supplier Market Share Guide for Credit Union Core Processors, titled "Enabling Growth Through Efficiency," as we recognize that efficiency is always a number one priority for credit unions everywhere. To find out more information, or to read the article and case study for yourself, click the button below to get started.
