Whichever you prefer to call it - The Pareto Principle, Law of the Vital Few, or even the Principle of Factor Sparsity, it's most simply known as the "80–20 rule." Nearly every business model in existence from software engineering to load testing to sales, roughly 80% of the effects come from 20% of the causes.
Where do 80% of your profits come from? What about 80% of your sales? How about 80% of the compliments your credit union receives? Or, 80% of the complaints you get?
Where is your focus? Is your credit union core system ready to maximize the 80/20 rule so you get the most bang for your buck?
Over a year ago, we rang in 2015 by reviewing some benefits that your core processor should be giving you. Let's highlight ten of these again because as another year has come and gone, we've seen many credit unions keep pace and others that are now trying to play catch up. If you're not getting the following benefits from your credit union core processing system, it may be time to perform a core system review.
- 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. (Take it from one of our clients: Texoma Community Credit Union)
- Technology: A commitment to bringing new technologies in a timely fashion that help you attract new members. (Download our eBook "Mastering Millennials")
- Integration: The ability to offer new products only works if they are seamless to your members, and simple to implement. True integration into your existing core allows for a seamless approach. (Read "Integrated Apps – The Sum of all Parts")
- Mobile: Mobile banking and mobile lending is the future and is the key to attracting younger members. (Download our eBook "Loans to Go!")
- Confidence in Disaster Recovery: Provides peace of mind that your data is safe and secure, and should a disaster occur, you are prepared. (Download a 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)
- Clear Contracts: Avoid the growing practice of contract entrapment from core providers. (Read our article: 5 Simple Rules for Credit Unions to Avoid Contract Entrapment)
- Security: Especially when it comes to mobile banking. (Download our eGuide to Mobile Banking Security.)
- Transparency: Honest advice on what works, and what doesn't, for your credit union. (Read our article "Five - No! Three Questions for a Credit Union Core Systems Review" )
- Innovation: Does your core offer Remote Controls for Cards? Innovations like this will allow your credit union to excel. (Read "Hand Me the Mobile Banking Remote - I Need to Turn my Credit Card Off")
- Solutions to Gaining Younger Members: (Read "How Credit Unions can Nab the 35 & Under’s with Omni-Consumerism")
