Vendor Consolidation: A Core Technology Success Story

By Preston Packer |

Jan

27

One of the biggest factors that can affect a credit union’s bottom line is how they use their core system technologies. An efficient core data processing system can help expand member services and attract new members while keeping the underlying costs of running the CU low. Credit unions that use a large number of vendors and third-party technologies often pay too much for technology and have less user-friendly platforms.

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Do More with Less! Why Your Efficiency Ratio is Important for Your Credit Union

By Preston Packer |

Jan

21

The new year is a good time to reflect, and 2020 certainly gave us a lot to think about. The pandemic brought unforeseen changes to the world, especially in regards to consumer habits. As people sought to avoid most in-person transactions, many industries were forced to make major adjustments to how they operate. The financial world was no exception.

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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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Tips for Choosing Between Two Credit Union Core Providers

By Preston Packer |

Oct

27

Choosing to switch your credit union core software provider is a huge decision. After all, credit union core technology is one of the most critical components to any successful credit union and making the wrong decision could hurt your business for years to come. Another big decision comes when you’ve narrowed down your list to just two core providers, and you must choose which vendor to partner with.

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Narrowing the Field when Reviewing Credit Union Core Solution Providers

By Preston Packer |

Oct

21

Because your credit union core system is vital to the functionality of your credit union as a whole, it's important to partner with the right core solution provider who can deliver the technology and services that best suit the needs of your credit union. Of course, finding the perfect credit union core system involves time and effort, but if you follow the right steps, you’ll be on your way towards a better partnership in no time.

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First Steps for a Credit Union Core System Review

By Preston Packer |

Oct

15

Having the right core processing system is one of the most important components of running an efficient credit union. However, sometimes it feels like technology is evolving at such a rapid pace that it’s hard to keep up. Also, the task of changing core processing systems can be complicated and time-consuming. These are just a few reasons many credit unions continue to use outdated core systems.

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Choosing a Partner that Can Deliver When the Unexpected Happens

By Preston Packer |

Oct

07

As 2020 began we, at FLEX Credit Union Technology, were not predicting a health crisis. In fact, a health pandemic and its impact was not even a conscious thought. As we look back on three quarters of business, we are amazed at how unfamiliar, yet normal 2020 has felt. We have always pointed to the virtue of being able to pivot quickly as a company and deliver technologies that meet our credit union customer expectations and their members needs. With over 260 credit union customers running FLEX in 47 states, our exposure and perspective to the health crisis has been deep and layered.

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Four Ways to Get Your Strategic Plan Back on Track

By Preston Packer |

Oct

01

Developing a strategic plan is often a major project requiring the input and work of multiple people throughout your credit union. From analyzing the prior year’s successes and shortcomings to setting new goals, objectives and the actions required to meet them, the strategic plan provides the roadmap to get your organization from point A to point B – efficiently and effectively. Or so you thought.

 

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The Game Has Changed. Should Your Core System Change too?

By Preston Packer |

Jul

01


When credit unions build their annual strategy for the coming year, it's often focused on looking at last year's plan and tweaking it for the future, what systems or services can they get more legs from, what will they need to consider upgrading for the future? This year is different. This year has upended everything in one fell swoop: branches shut down, employees worked remotely, members lost jobs and income, the market demanded immediate options for contactless payments and transactions. While many felt this year has been a setback, we see this year as a great opportunity to redefine the future.

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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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