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. 

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."

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:

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.

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:

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?

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.

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:

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.