Measuring the Value of Your Core
'Tis the season to be thinking about what your credit union core processor should be doing for you, your employees, and your members. With the evolution (revolution?) of the way members bank today, and want to bank tomorrow, your core is more important than ever to remain competitive. As 2015 comes to a close, we take a look at 3 key benefits your core system should be providing your CU, and help you determine if it's time for your own core processing system review.
- Innovation through Integration: The ability to offer new products only works if it is seamless to your members. True core integration allows for this seamless approach. Your core's ability to provide true integration ensures it is designed for optimal efficiency across the entire system. Interfaced systems are NOT integrated systems. Third-party solutions are important, but don’t just look for a core that can accommodate third party solutions... find one that is evolving to make those solutions unnecessary, with features like mobile banking, internet banking, paperless, check-21 capture, and online credit cards built right into the core.
- Support you can Trust: Not only trust that your core is working for your credit union, but trust that it is evolving to meet the changing needs of your members.Trust that resources are being devoted appropriately to ensure you can continue to please the members you have, as well as attract new members. So while new products are essential to your continued growth, having reliable and exceptional customer support ensures you don't lose face with your existing members should something go wrong, or you need help.
- Confidence in Security: Let's face it... the world is not as safe as it used to be (or feel, at least). 2015 was certainly not a banner year for world peace. And while threats to global security used to target nation's armed services or government entities, it has now evolved to disrupt daily life, and no person or business is shielded. It is crucial that a credit union's core is maintained to be secure, and plans are in place to ensure its ability to recover from a disaster. And while threats such as terrorists and hackers are real, your core must also be prepared for the more "mundane" threats to security and disaster recovery, such as employee misuse, or power outages from thunderstorms. You core should be able to provide peace of mind that your data is safe and secure, and should a disaster occur, no matter the size or cause, you are prepared. (Download the testimonial to find out how a small credit union in Connecticut, MiddConn Federal Credit Union, avoided disaster when a major storm hit their region overnight, and systems would not come on the following morning).
If you're not getting these benefits from your core processor, it may be time to perform a core system review and re-evaluate your core in 2016. Since our establishment in 1978, FLEX has grown to more than 120 employees and 250 credit union customers with a management team that represents some of the most experienced professionals in the industry. Learn more about FLEX and efficiency for credit union core systems by downloading our eBook.
