Savvy credit union leaders understand that there have been a few key drivers of both deposits and loan growth in recent years. Better marketing campaigns that effectively target younger members are one of them, as have been more aggressive offers that people just can't help but say "no" to.

The past two years have seen strong credit union industry growth, which has been attributed to pent-up demand, in what has been called a rebounding economy. NCUA reported loan growth of 14.7 percent, membership growth of 8.1 percent, and net worth increasing at 13.9 percent in Q1 2021. This was met by digital transformation initiatives across many credit unions in an effort to meet member expectations in a transitioning consumer economy. Changes in card technologies, enhancements to digital wallet capabilities, and an evolving payments landscape have driven focus and investment over this time and heading into 2023.

Adopting a new core processing platform for your credit union is nothing if not an investment--and it's one that deserves to be protected. In many ways, it's the foundation upon which the future success of your organization will be built--both for your members and your employees. But you can't get to that point if you don't take a few important steps in the short term in order to guarantee success over the long haul.

A credit union core processor refers to all the back-end IT systems that help to not only allow a credit union to function but also continuously process all the financial activity within that environment as well. To put it another way, it is the heart of the entire credit union and is an asset of fundamental importance.

If you had to make a list of all the qualities that are essential to the success of a modern credit union, its technology stack would undoubtedly be right at the top.

By taking a close look at the top core providers for credit unions, it becomes clear what many of them have in common. It also helps underline important trends about the industry in general that can be used as inspiration for your credit union's own success in the future.

A recent study indicated that in the first half of 2022, total income for federally insured credit unions reached an enormous $18 billion. While the sector has certainly experienced its ups and downs as a result of major shifts brought on by the COVID-19 pandemic, it can also be said that credit unions are becoming a top choice for consumers over traditional financial institutions with no signs of slowing down anytime soon.

Whenever it is determined that the time is right for a credit union core processor change, it's always a fairly malleable and intricate process. After all, you're talking about the technological foundation upon which your very organization has been built. How you provide newer and innovative services to your members. How you build and maintain ongoing relationships with those members. This is very much a situation where you don't want to leave anything to chance.

As is true with any type of digital transformation, converting from an older core platform to a new one can often seem like an uphill battle for your credit union. But not only is it necessary, but in some situations, it is explicitly so--like if you're currently working with two or more disparate platforms that make the lives of your employees and members needlessly difficult on a daily basis.

In the fast-paced, tech-driven world that we're currently living in, the core system truly is at the heart of any credit union. Not only is it this bedrock of technology that allows employees to better communicate and collaborate with one another, but it also helps to facilitate the most important goal of all: bringing newer, better, and more forward-thinking services to members everywhere.