Why is Technology Holding Credit Unions Back?

By Preston Packer |

Aug

27

Outdated credit union technology is often blamed as a huge challenge. Adding to that is the complexity of multiple systems that have been added over the years, weighing IT resources down... Sort of a hodgepodge of IT infrastructure meant to keep up with the pace of technology, yet creating a burden on staff and resources.

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The Future of Omnichannel Banking

By Preston Packer |

Aug

04

Delivering a consistent and seamless experience to members across all channels of their banking with your credit union is at the heart of omnichannel banking.  Credit unions, however, need to look beyond just ensuring the ATM, branch, internet banking and mobile banking experiences have a consistent look, feel, brand and focus. The future of omnichannel banking will merge these channels in unique ways to give the member what they need... before they even know they need it.

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A Beginner's Guide to Credit Union Core Systems Reviews

By Preston Packer |

Jul

07

The task of reviewing a new credit union core processing system 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 the age of 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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Keep Member Experience at the Core of Your Core Processor

By Preston Packer |

Feb

17

What are you doing to strengthen your credit union's core? When looking at core systems for your credit union, or performing a core system review, there is one very important part of the equation that is often times not given the priority it deserves: Member experience.

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3 Reasons Why the Credit Union Core Processing Marketplace is Evolving

By Preston Packer |

Dec

23

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 core processors who are quietly winning market share through technology and customer service. Callahan & Associates recently released market share data on credit union core processing systems in an article entitled "3 Graphs About Core Processor Market Share."  

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How Would You Rate Your Core Processing System?

By Preston Packer |

Dec

16

The question on how you would rate your credit union core processor was more or less posed by Sam Brownell at CUCollaborate recently. Interestingly, industry experts disagreed on the results, data, and methodology of CUCollaborate’s first Core Data Processing Satisfaction Survey Report.

Whether you agree with the results or not, having a survey in which your peers rate their credit union core processing systems  could provide significant benefits, particularly if you are looking to replace your core system.

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A Lesson for Credit Unions: Innovation at the Core!

By Preston Packer |

Nov

11

Today I am sharing an article with our FLEX Connexions readers that I found to resonate with not only FLEX's mission, but with most of the conversations I have with CUs looking to add new products to their offering for members.  Credit Union Magazine published the article "Lessons in Innovation from i3" in which the think tank, Filene Research Institute, discussed how CUs should approach ideas, innovation and implementation (i3) at the CUNA Lending Council Conference in San Diego earlier this month:

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Maintain Common Sense During Credit Union Core Processor Review

By Sean Holcomb |

Oct

21

In 1946, American writer Gertrude Stein said, “Everybody gets so much information all day long that they lose their common sense.” One can only imagine Ms. Stein’s assessment of our day. We are buried under an ocean of information. The challenge, of course, isn’t obtaining information but separating it into something useful.

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Is Your Credit Union Approaching a Core System Meltdown?

By Ken Diederich |

Sep

03

We know the scene by heart.  “Core meltdown is imminent.  Core meltdown commencing in 10, 9, 8, 7, …”  Scientists run around frantically while computer lights are flashing and alarms are wailing.  However absurd, movie makers keep producing this scenario and we keep buying it.  It’s as though something deep within us knows that the technology we depend upon is destined to fail. 

Only in real life, there is no kill switch to stop the countdown. 

As CU's, we are taught to plan for the worst, and we are particularly concerned about the core. Where credit union core systems are concerned, those fears may be justified.   Some credit union core processors systematically plan the demise of their core offerings in order to keep you buying new products.  From the moment you install one of these systems, you perceive the countdown sequence ticking deep down inside of the core. 

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Five - No! Three Questions for a Credit Union Core Systems Review

By Ken Diederich |

May

20

Monty Python and the Holy Grail of Credit Union Core Technology

Selecting great credit union core systems is the Holy Grail at the end of a long and difficult road.  Fortunately, credit unions undertaking such a quest have an excellent handbook to guide them.  No, I’m not referring to the regulators’ handbook.  I’m talking about the manual for most of life’s woes – “Monty Python and the Holy Grail”.

In this age-old comedy (my apologies to those unfamiliar readers who are not also age-old), King Arthur rallies his knights on a delirious journey to find the Holy Grail.  Along the way they match wits with armless swordsmen, decapitating rabbits, vestal virgins, wizards and uncooperative Frenchmen – I imagine not too unlike some of the characters you’ll likely encounter in your review. 

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