The lack of core integration tends to bring stress and anxiety upon some credit union executives and IT staff. Core integration is often viewed as a competitive advantage for credit unions who want to offer the best products and services and is an opportunity for credit unions of all sizes. Core integration opens the door to new features and services that help attract new members and keep existing members happy. Here are a few key benefits that credit unions can gain from better core integration:

To date, credit unions have been faced with the choice of providing credit card processing in-house or outsourcing. Historically, only big credit unions ran in-house credit card processing. Smaller CUs shied away from credit card processing due to a variety of factors: It was expensive to do so in-house, and outsourcing was often difficult to integrate with the core. Furthermore, the rewards programs were not up to par with those of banks and larger FIs, which made them less desirable to members. Now, with increases in integration capabilities and decreases in cost, credit unions of all sizes are incorporating integrated processing capabilities. Here’s why credit unions big and small have opted for integrated credit card processing.

The process of switching financial institutions tends to be scary for members. Realizing your billing information is out of date can haunt a member, and getting hit with several months worth of delinquent bills is a fright. In the case of recurring payments, there will come a time when billing information needs to be updated, and unfortunately, updating it can be a nightmare. This may shock members because the whole reason they chose a recurring payment method is for convenience, and ironically, updates are anything but. If a credit union wants to be a member's primary financial institution, which most if not all do, updates to the recurring payment process should be easy. Here are some things to consider about recurring payments to avoid spooking your members.

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: