A credit union core processor is responsible for handling deposit accounts, loan processing, and associated reporting among many other functions. And managing a core system should never take away from managing your credit union. It should be effortless to keep your system running so you can focus on what matters. Since the 90s, credit union core systems have had to evolve at the same pace as the technologies it supports.
The shift from closed core systems to open architectures was highlighted this week in the Credit Union Times. It was a critical component of the progression for credit unions. With proper architecture and design, a platform should provide peace of mind and instill confidence in its users each and every day.
The world of self-service channels via the Internet is credited with starting the evolution of core processing. As users began to demand more from mobile banking like sending payments electronically and making remote deposits, credit unions needed to respond.
Thank you Internet for leading us down the path of open architecture for core processing. As the article summarizes, “Open architecture core banking systems give credit unions the ability to keep pace with rapid technological changes and incorporate best-of-breed functions across the branch, online, mobile and ATM channels.”
And we couldn’t agree more as it went on to say, “Today’s core processing systems must also have the ability to service all channels 24/7 and seamlessly connect to a wide variety of self-service solutions, as well as to more advanced personal and business banking management systems.”
Credit union core processing systems are the repository of your member data. Having access to credit union member information in real-time and the tools to make sense of the data is more critical than ever. You should be using a credit union core technology system that will help you increase your knowledge about your members and your product offerings, which also differentiates your credit union and aids in the growth of your membership.
