The question on how you would rate your credit union core processor was more or less posed by Sam Brownell at CUCollaborate recently. Interestingly, industry experts disagreed on the results, data, and methodology of CUCollaborate’s first Core Data Processing Satisfaction Survey Report.
Whether you agree with the results or not, having a survey in which your peers rate their credit union core processing systems could provide significant benefits, particularly if you are looking to replace your core system.
At the same time, how do you sift through such a survey and begin to make sense of the results? How do you determine which core processing system is right for your credit union?
- Data – This is the best place to start when considering how to put this type of information to use. How many credit unions were contacted to answer the survey versus how many actually responded? In this case, 57% of credit unions (3,832) were surveyed while only 309 of them responded, or roughly 5% of the invitations sent. Another question to consider is what percentage of each companies' customers responded? Once you begin to answer these questions, the validity of the data begins to come into focus.
- Need – What are you looking to learn by reading a core satisfaction survey? Are you looking to replace your credit union core processing system? Are you looking to add third party solutions to your existing core? Are you curious how other systems handle member services or credit union operations? Maybe you want to see how other core system providers score in customer support. You have to be honest with yourself and your intentions. If you have a need, make sure you find the most applicable information to address it.
- Transparency – No survey is worth its merit unless the results are free from vendor influence. You want to ensure the data is legitimate and free from sponsorship dollars. Of course survey companies need to generate revenue, but it should come from sources which are free from influencing the data set.
- Participate – The more responses a survey receives, the more valuable the data. If you find information from surveys helpful, be willing to share your insights when asked. ‘Crowdsourcing’ is a fantastic way to learn about consumer products. It should be equally as helpful when considering core processing systems or mobile banking platforms. An independent survey should be as helpful as your industry listserv, the advantage being the potential for increased responses.
- Consultants – If you elect to bring in a consultant for your core system review, remember you are paying someone to solve a problem you and your staff are the most qualified to address. Consultants can bring with them a fresh perspective, but you must also be careful to avoid a list of preferred vendors before you even start. A trustworthy credit union core satisfaction survey may save you time and money while helping to narrow down vendor selections. A survey or a consultant can provide the ‘heavy lifting’ of a core review, but you should ultimately be making the decision.
There is no silver bullet when looking to make a core system change, or when comparing core processing vendors. No two credit unions are alike, so your process and decisions should be based on institution need and operation.
You are in good company if you are willing to trust the experience of those who have used a system over the responses of the vendors themselves. A satisfied customer base (unless the customers are owners) is most likely the result of strong customer support and solid technology.
FLEX is no stranger to core satisfaction surveys, ranking #1 in the CUES Tech Port Core Vendor Satisfaction Surveys of 2001 & 2002. CUCollaborate will be wise to remain transparent and increase its sample size, otherwise its fate has already been written – ask CUES…
