We know the scene by heart. “Core meltdown is imminent. Core meltdown commencing in 10, 9, 8, 7, …” Scientists run around frantically while computer lights are flashing and alarms are wailing. However absurd, movie makers keep producing this scenario and we keep buying it. It’s as though something deep within us knows that the technology we depend upon is destined to fail.
Only in real life, there is no kill switch to stop the countdown.
As CU's, we are taught to plan for the worst, and we are particularly concerned about the core. Where credit union core systems are concerned, those fears may be justified. Some credit union core processors systematically plan the demise of their core offerings in order to keep you buying new products. From the moment you install one of these systems, you perceive the countdown sequence ticking deep down inside of the core.
Other core systems fail on account of their design. Those that rely heavily upon interfaced components eventually crumble under the weight of the CU’s demand for efficiency. Finally, some systems fail because management simply chose to ignore the alarms.
Here are three clear signs that it’s time to look for a new core system.
- Minor new features require major new purchases: Core system providers of dead or dying systems will often adopt a Frankenstein approach to maintaining the software, patching on components from third parties or other core offerings. If you are told you need to purchase a new internet banking system in order to receive a core upgrade, it’s time for a new core.
- Contractual constraints are driving technology decisions: Contract entanglement is a key strategy employed by core technology providers to limit your investment options. Are your core technology decisions constrained by unwieldy contracts for EFT or ancillary services from the same company? If the tenor of that relationship is possessive and controlling, then you are a victim in an abusive relationship. Getting out of such a relationship is painful and expensive, but it is essential to your credit union's long-term well being.
- You are servicing the core, not the other way around: Technology’s basic purpose is to make life easier. If your core technology is adding work to your day, the design of that technology is critically flawed. Your system’s parts may lack integration, which yields efficiency. If you or your directors are reluctant to adopt a new core feature or service because of the additional work it will create, it may be time to look for a new core.
Listen to your core. Is it time to look for a new Core Processor for our credit union? If its countdown is accelerating and warning signs are flashing, now is your James Bond moment. Take control and find a core system this time that isn’t designed to self-destruct.
(This blog post will self destruct in 10 seconds. 10...9...8...)
