The Top Questions Asked During Core System Demonstrations

By Preston Packer |

Jul

26

 

Always be prepared with questions. Whether it's asking the appliance salesperson 20 questions about the efficiency of a new microwave or presenting your spouse a list of questions about the restaurant they picked for dinner, the right questions can save you from being unpleasantly surprised. Being prepared with questions will serve you well and help you make important business decisions, especially during a credit union core system review. If you are not challenging the presenter and technical staff on a demonstration of their services, you are not ready to go through a conversion. The more questions you have, the more you have taken the time to truly consider what you like about your current core technology, what is lacking, and what you need versus what would be a "nice to have, but not necessary."

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The 10 Commandments of Credit Union Data Processing

By Preston Packer |

Jul

14

When it comes to credit union data processing, there are many "do's" and "don'ts". Some credit unions get along great with they core partners, others... not so much. No matter what your status is with your current core, it's important to keep your head on straight and remember the basics. Here are 10 commandments that may invoke some deeper thoughts into how your core processor works with your credit union:

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The One Thing You Can't Flub in a Credit Union Core Conversion

By Preston Packer |

Jun

14

Once you have made the decision to undergo a credit union core conversion, there is no doubt there will be a number of concerns that keep you up at night. After all, there are many things that can go wrong, but typically, and thankfully, the majority of these problems go unnoticed by members. CU personnel and core partners can correct most issues before the members are affected. However, there is one thing that you can't flub when performing a core conversion... member facing applications, namely, credit union mobile banking.

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6 Reasons You Should Change Your Core System and 3 Reasons You Shouldn't

By Preston Packer |

Jun

02

Are you a coin tosser?  Horoscope reader? Eenie-meenie-miney-moe'r? Whatever your preferred method of making a decision between equal contenders, there are certain matters that require more in-depth research during the decision making process.  When it comes to a credit union core conversion, most will agree this is one of the most crucial decisions within a CU. And while it is doubtful any would leave this decision to chance, there are many around the country who stick with their existing credit union core processor because they do not recognize the signs that they should leave. So, should you stay or should you go? Here are some reasons to consider before embarking down the path of indecision:

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What Credit Union Core Processors Won't Tell You

By Preston Packer |

Apr

14

We talk a good deal about trust when it comes to credit unions. For example, in the article Credit Union's Emphasis on Trust Holds True, we identified that trust in credit unions among their members is 60%, compared to 30% customers' trust in big banks. Likewise, credit union executives consistently rank trust as the top priority in vendor relations. While a silver-tongued sales person can paint the Sistine chapel in your mind, it doesn't make it a reality. Partnering with a credit union core system vendor you can trust is paramount to flashy sales tactics. Here are some questions to ask when undergoing a core system review to determine if you can trust your candidates:
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Why Employee Engagement Matters In Technology Decisions

By Preston Packer |

Dec

27

Gathering information before making a decision should be an obvious first step when making an investment. In our personal lives, even minor decisions are usually discussed before making purchases. The same holds true in strategic decisions for your credit union. The best executives know how to encourage employee engagement and make them feel involved in the direction of the credit union. Employee engagement positively relates to results. Are you involving your staff on critical decisions in your credit union? What would your member service reps or loan officers want you to know when selecting a core system?

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Core System Review: From Speed Dating to Marriage

By Preston Packer |

Dec

01


A Scientific American article entitled "Speed Dating and Decision-Making: Why Less Is More," details how being confronted with a large number of choices can make it harder for people to make good decisions. Research has shown that our decision-making system breaks down when the human brain is confronted with too many options. Not only does this apply to choosing the right partner for life, but is applicable in the business world as well. When embarking on a core system review, it is crucial to not over-extend your search, instead select a few vendors that you have an initial attraction to, and then do your due diligence to dig deeper in making your selection.

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The Pain Points of Today's Credit Union Software

By Preston Packer |

Nov

29

Managing software solutions of all sizes and levels of complexities in your credit union, from implementation to member adoption, is part of the growing trend in providing competitive financial services. This task is magnified given the heavy reliance on your data processing system. The costs of a credit union's core system go beyond the annual spend with your provider and can be felt throughout the organization. Here are 4 pain points credit union executives identify as challenges and areas of focus when they are implementing technologies to increase member service offerings:

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Core System Reviews: the Good, the Bad & the Consultant

By Preston Packer |

Nov

10

Should consultants be questioned during a core system review? As your opinions of key features silently diverge, you might hear your inner dialogue attempting self-reassurance that consultants are the experts. They are undoubtedly professionals in financial technology because it’s their industry and livelihood, but what makes them authorities about your particular credit union? Do they know the inner workings of your CU and how you operate on a daily basis? After all, there is no one best core system but there is a system that is best for each credit union. 

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Make Better Decisions Using Your Credit Union Data

By Preston Packer |

Oct

18

Is the fear of undertaking a core conversion holding your credit union back from making better business decisions that can lead to the growth? In the article, "Two Products That Will Increase Credit Union Growth," it is discussed how the number of credit union members in the U.S. represents approximately 43% of the economically active population, a number that is continuing to grow as distrust in big banks continues (think Wells Fargo). Additionally, a commitment to product development by CU executives has contributed to the sustained growth we are experiencing. However, what works for one credit union doesn't always work for another. How can you be sure you are investing in the technology that your members demand if your existing credit union core provider does not deliver meaningful data and reports?

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