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.

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.

When selecting a core provider, there is more to consider than features and functionality. There are quantitative factors that should be considered, and these numbers will help guide a credit union's decision in the selection process. Choosing the right core for your credit union can be overwhelming, but looking at the numbers and data can help the right core platform become more obvious. When shopping for core systems, obey the numbers, and your credit union will find the right fit.

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:

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:

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:

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.

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: