The 'core' has become a fitness buzzword, but purposeful core action requires understanding its function. As a result, experts and weekend warriors alike have come to learn the value in doing more than just the basic sit-up. Until recently, we all thought planking meant to cover with planks, as in the floor of a boat. Working your core not only tones the mid-section but also supports your spine, increasing your balance and posture. In a similar way, your core system is the 'backbone' of your credit union. Having a conditioned core system will enable you to more easily navigate member service channels and improve automation, much like a strong mid-section will make you a stronger and more resistant to injury.
How can you ensure you select a strong core processing system? Think of it in the same light as you would prepare for an overhaul of your body. Plenty of people just dive straight into a diet and/or workout routine without a plan. But those that have a goal and decide on actionable objectives to reach that goal tend to be most successful.
Your own journey to a healthy body and core begins by knowing yourself. Think about your starting point and what you need to do to get going and stay on task throughout the process. Transitioning to a new credit union core technology should follow the same course. Identify your credit union’s own priorities and work from there. Don’t lose sight of your goal by getting distracted with issues that pop up along the way (like Girl Scout cookies for those working on their physical core, or new third-party software that ultimately complicates the problem instead of solving it).
Once you achieve a strong physical core, you are less prone to aches and pains in your back and other extremities. You may then choose to expand your fitness goals and train for a 10K or maybe a triathlon. In like manner, a stable core system will benefit your credit union by limiting sources of frustration when providing member services or funding new loans. You should reach that point where your system runs effortlessly so you can focus on your members and their needs. Once you have reached that stability, reach for larger goals: Offer new products and services to members that are beyond the basics and allow you to compete with the largest financial institutions.
If you find yourself approaching a core processing system review, layout your priorities first. Do you want strength and stability for long-term support of what the future brings? Then, find a core partner that can transition with you as you evolve in your service offerings like mobile banking, internet banking, paperless office, check-21 teller capture and core managed credit cards.
FLEX is the industry’s most advanced credit union core system, due to innovative, strategic development. This innovation in credit union core technology has led credit unions of all sizes to experience the FLEX difference. It just starts with one plank to get your physical core on a healthy path. And for your credit union’s core overhaul, it just starts with one click below.
