10 Ways to Navigate a Successful Core Review

By Preston Packer |

Jul

31



As Americans embark on the roads making their annual treks to the beach, mountain, lake or amusement park of choice, the tools to navigate around the traffic jams are as plenty as the orange barrels on the highways. Perhaps your car has a built-in GPS or you plug in with Apple CarPlay navigation. Do you swear by Google Maps, or have you jumped on crowdsourcing with Waze? Whatever navigation tool you use, the goal is to get you to your destination as efficiently as possible. When credit unions review their core system, the goal is to measure efficiencies and defects in the current solution and then go out into the core processing marketplace to see what other vendors can offer. Here are 10 ways to successfully navigate a core system review to get you where you need your credit union to be:

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The Planet of the APIs

By Preston Packer |

Apr

03

While we have yet to encounter and clash for control with highly evolved and intelligent apes, technology is definitely making our planet smaller. We interact with friends and family across the country or the street with little or no effort. The ability to share information at any time of day or night has become second nature to us. Technological advances are around us everywhere in our daily lives - even our technology talks to each other - the IoT. It stands to reason that when it comes to our personal finances, another integral part of our lives, we would expect and want to have the latest technology available and be able to use it to its fullest extent.
 
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The 3 Steps for Identifying Potential New Core Providers

By Preston Packer |

Jan

24

In our concluding article based on the Callahan &  Associates findings reported in, "It's All About the Core," we will go back to the very beginning of the process.  So far, we discussed what credit union executives look for in a new core provider, what their top reasons for selecting a new core were, and the most common limitations they encountered when transitioning to a new core. This week we expand upon our analysis by going back to the beginning and examining the 3 steps credit unions take when identifying potential new core providers. It's no secret that moving your core technology is one of the biggest operational moves a credit union can make and that there are many credit union core providers competing for your attention. Where does credit union leadership begin? If you are in the consideration process for conversion, here are 3 key steps to take:

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Common Limitations of a New Core Provider

By Preston Packer |

Jan

17

In our continuing series discussing the survey by Callahan & Associates and their webinar, "It's All About the Core," today we look at and analyze the response of credit union executives when asked what common limitations they encountered after selecting and transitioning to a new core technology provider. A credit union core system review and the resulting core migration carries many changes for an organization, and usually, the migration to a new provider brings technology the credit union was otherwise lacking. It's a known fact that this is no small project, and it is always assumed you will encounter some obstacles along the way. Here are the most common shortcomings that caught these executives off guard:

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The Top Reasons for Selecting a New Core Provider

By Preston Packer |

Jan

10

Last week we published the article Top Features Credit Unions Look for in Core Providers, where we discussed what credit union executives found to be the most important features they are looking at when evaluating new core technology. As a follow up to that post, the same respondents in the survey by Callahan & Associates chose the top 3 reasons they selected a particular core vendor. While on the surface it would seem the two lists would be identical... that the features they want most would be the reason for selecting a core. But as you know, in life there are numerous other factors that go into our decision-making process, and when choosing the most important software to operate a credit union, executives factor in other reasons beyond just features when selecting their partner in a core conversion.

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Top Features Credit Unions Look for in Core Providers

By Preston Packer |

Jan

03

Callahan & Associates is known in the credit union industry for their in-depth research and analytics. With 30 years of experience in credit unions, they have provided sound advice for credit union leadership. Every year they survey the industry to gain a deeper understanding of credit union core processing trends and best practices. In 2017 they asked CU executives what top features they were looking for in new credit union core providers. Here were the top 3 responses:

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Don't Perform Credit Union Strategic Planning in a Vacuum

By Preston Packer |

Nov

17

Vacuum cleaners used to just suck.  Literally... they sucked up dirt off your floor.  They had a filter and a bag to collect the dirt, a motor that determined just how well they sucked, and usually some attachments to suck in hard to reach places. Then came Dyson, who told us we shouldn't be content with just sucking, but rather, we need cyclonic separation. No filters, no bags, just really powerful suckage that also cleans the air around you. At first, other vacuum manufacturers laughed and sold their filters and their bags aftermarket, because that's the way it was always done and they thought that's what consumers were comfortable with. Now look up vacuums on Amazon and you will be hard-pressed to find a bagged vacuum!  When it comes to credit union technology, it's easy to get comfortable with what you have and what works - why suck harder if you can suck less? Don't be lulled into complacency or a Dyson might come around and start picking off your membership.
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Two Sides of the Coin When Calculating Credit Union Technology TCO

By Preston Packer |

Nov

15

Keeping up with the latest and greatest in credit union technology is an ongoing battle and essential to maintaining your competitive edge in the credit union marketplace. As all credit union CEO's and CTO's know all too well, the cost of staying on top and always having the 'best in breed' technology and tools often comes at a steep price. Careful consideration needs to be taken when evaluating the true cost of your technological investments, and the financial impact of their utilization over the course of their lifespan. No successful analysis on the Total Cost of Ownership (TCO) is complete if you include only the costs of initial investment and long-term operational expenses, and not take into account the cost savings achieved through operational efficiencies the technology provides.
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3 Reasons the Credit Union Core Processing Marketplace is Evolving

By Preston Packer |

Oct

27

There is an evolution occurring in the credit union core processing marketplace, and if you haven’t taken notice, maybe you should.  While the ‘big box’ vendors are spending their time arguing among themselves about who is ‘bigger’, it is apparent that there are other credit union core data processors who are quietly winning market share through technology and customer service. Callahan & Associates published  market share data on credit union core systems in an article entitled "3 Graphs About Core Processor Market Share."  

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A Beginner's Guide to a Credit Union Core System Review

By Preston Packer |

Sep

29

The task of performing a credit union core system review can be overwhelming. With the rapidly changing world of banking technology and the fact that the average age of a credit union member is over 50, credit union execs are looking for ways to use technology to attract younger members. This inevitably entails a review of the core. 

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