You've Chosen a New Core Provider for Your Credit Union. Now What?

By Preston Packer |

Oct

29

You did it. With hard work and determination, you narrowed down your list of potential new credit union core providers to just two, and you made your final decision. But now what? How do you take the final steps necessary to finish the process and make sure everything goes as smoothly as possible?

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How to Pull Off a Credit Union Core Conversion Remotely

By Preston Packer |

Oct

13

The onset of COVID-19 left many questions in credit unions' minds. FLEX had nine credit unions scheduled for conversion between March - August 2020. Of these nine credit unions, six required remote/virtual implementations based on State mandates for travel and corresponding quarantine. Virtual implementations were successfully performed by FLEX training teams in New Mexico, Georgia, Wisconsin, Pennsylvania, New York and Virginia. When some core processors were working with credit unions to postpone or reschedule their core conversion, FLEX was working with staff and credit unions to modify implementation and training procedures. Necessity is the mother of invention. Understanding that physical proximity is becoming increasingly unnecessary (although it may still be preferred), FLEX began implementing remote conversion plans. Here is a summary of the takeaways of our experiences.

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There's No Room for Impulse Buying When Signing a Vendor Contract

By Preston Packer |

Oct

10

As we inch closer towards the holiday shopping season, many consumers are trying to set budgets and keep their impulse buying habits in check. After all, the average U.S. consumer spends $5,400 each year on impulse buys, according to a survey reported by CNBC. When it comes to your role as a credit union executive, answering to a board with a set annual budget, there is no room to bring your impulse buying habits to work with you. Choosing a vendor is no small task for any organization, in just about any facet of operations. Whether you are looking for a new paper supplier or contemplating a credit union core conversion, before you sign that new contract, you will find it beneficial and cost effective to step back for a moment to give your options some thought. The extra time you spend at the beginning can make a huge difference in the long run. Before you just renew, evaluate how happy you are in your relationship with your vendor and their service. Think long-term in order to ensure you’re making the smartest and most informed decision for your credit union’s needs.

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Open Up to New Core Possibilities

By Preston Packer |

Apr

18

A core system and all its ancillary products will equip your credit union with the majority of the functionality you require. However, as new products and services become available, the core alone may not be enough to keep your credit union competitive with the largest financial institutions that compete for your members. Application programming interfaces (API) can bridge that gap, and provide access to new features that credit unions are seeking. Some CUs are skeptical of APIs for concerns of security but most would argue that the benefits outweigh the added risk. APIs allow developers to introduce more add-ons with features that may not be available with the core platform alone. Here’s why your credit union should open up to new possibilities through APIs.

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When to Cut the Cord on Your Core

By Preston Packer |

Apr

10

No doubt, you have had friends or neighbors talk about "cutting the cord." Fed up with the high cost of cable or satellite TV, and the poor customer service, coupled with the high quality of programs available via streaming services, people are making the switch. Talking to friends who have done this, you most likely have heard that the process of cutting the cord has not been easy. Getting out of TV service contracts, figuring out the maze of what streaming services are supported on what devices and which ones offer the programming their family needs. And not to mention the panic when they find out they have no way of watching the Super Bowl with their existing services! However, once it is all figured out, there is a freedom in having all the programs tailored to you, at a price that feels worth it, since you are only paying for what you want to watch. The process is similar to a credit union core conversion, albeit on a much different scale. The conversion process can last up to 2 years between the evaluation of different processors and the actual conversion. A core conversion is not a decision to be taken lightly, or prematurely. So, how does your credit union know when it’s time to switch? There are some telltale signs that indicate your CU might be overdue for a new system. If your CU is experiencing one or more of these issues, it’s time to cut the cord on your core data processor.

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Finding a Core That's "Just Right"

By Preston Packer |

Apr

04

The core system is the foundation of all credit union operations. However, one system or provider is not likely to last a credit union’s entire lifetime. As credit unions grow and change, their technology needs from a core provider might also change. And if their current provider isn't willing to grow with them, it might be time to start a core system review and consider alternatives. There are many factors to take into account when looking into core system providers, however, the best core platforms will have a few key features in common. When choosing the perfect core data processor for your credit union, ensure these four features are included.  

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3 Ways To Identify Key Core Players

By Preston Packer |

Apr

02

Switching core providers is a huge undertaking. Whether your existing system is outdated, or your credit union is simply dissatisfied with its capabilities, it may be time to consider a new core provider. With so many providers on the market, it can be difficult to narrow down the options to a list of key players. Here are three ways your credit union can identify, rank and choose a new core data processor.

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2019 is Approaching... But You Should Be Planning for 2020

By Preston Packer |

Oct

25

In industries across the United States and around the globe, Q4 is well underway and the New Year is in sight. While many are busy planning for 2019, credit unions might need to widen their scope. If you are considering an upgrade to a new core platform, planning is key. Core conversions can be time consuming and stressful for any financial institution if not well thought out and prepared for. To ease the burden on your credit union, start planning more than a year in advance. That may sound like overkill but there are several reasons why this extended planning period will benefit your credit union in the end. Here is a timeline and items to consider if you are pondering a core conversion.

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Conquering Anxiety During Core Conversions

By Preston Packer |

Sep

27

Change has never been to known to be easy. In fact, there is an entire industry built around change management or the process of preparing your credit union's leaders, boards, employees, and members for organizational change. Change comes in many forms, from navigating a merger or acquisition, to the conversion of core technology on which your credit union relies. While the process of selecting a new core system can be exciting for management-level staff during the initial review process, stress extends throughout the organization during implementation of the new system. Here are tips to address these potential pitfalls before they derail your conversion:

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