As is true with any type of digital transformation, converting from an older core platform to a new one can often seem like an uphill battle for your credit union. But not only is it necessary, but in some situations, it is explicitly so--like if you're currently working with two or more disparate platforms that make the lives of your employees and members needlessly difficult on a daily basis.
The Trouble With Multiple Platforms
It's not uncommon to find credit unions that are still in a position where they are supporting multiple platforms. Sometimes, those platforms can be decades old. At that point, they're not just productivity hurdles--they present a significant amount of risk as well.
Even beyond that, they essentially force employees to double up on their work. All of this leads to an inconsistent and often frustrating experience for both employees and members alike.
A Transformation Begins
When transitioning to a new core platform where everything is now housed in a single system, processes improve almost immediately. You get to enjoy the benefits that efficient technology can bring to your operations.
The new system will undoubtedly have better support than the previous one. You'll get to embrace a full array of API capabilities that you probably don't have access to right now. From integration to personalization, everything benefits employees and members on a daily basis.
Think about the process from the perspective of crucial integrations like digital banking. Yes, it will involve a tremendous amount of work to make sure that your digital transformation is planned and implemented properly. But at the end of it, online banking, mobile banking, account opening, and similar functions can finally act as the cohesive whole that they were meant to be.
At that point, anyone can go into any branch and accomplish their important goals. It doesn't matter if they have multiple accounts, or are both personal and business members. They can access their funds much more easily and can get the same high-quality level of care and assistance from virtually everyone.
What you're left with is a perfect storm in the best possible way--a situation that allows credit union employees to work "smarter, not harder," while also improving their interactions and relationships with members at every turn. It's a legitimate opportunity in every sense of the term and for most credit unions, it's one that they literally cannot afford to pass up.
How to Transform Your Credit Union's Core
We get it--when it comes to upgrading and/or consolidating the core platform(s) for your credit union, it is often perceived as a daunting, difficult task. But it's not! Take a look at Industrial Federal Credit Union (Lafayette, Indiana). They proceeded through the core conversion process during the pandemic--one of the most difficult times for businesses worldwide--and came out on the other side happier for it. Download the case study to read their story, learn from their experience, and hopefully, apply these valuable ideas to your core conversion.
