One of the biggest factors that can affect a credit union’s bottom line is how they use their core system technologies. An efficient core data processing system can help expand member services and attract new members while keeping the underlying costs of running the CU low. Credit unions that use a large number of vendors and third-party technologies often pay too much for technology and have less user-friendly platforms.

The new year is a good time to reflect, and 2020 certainly gave us a lot to think about. The pandemic brought unforeseen changes to the world, especially in regards to consumer habits. As people sought to avoid most in-person transactions, many industries were forced to make major adjustments to how they operate. The financial world was no exception.

We live in a time of technological wonder and change. Yet, many of today’s companies often pivot their talking points away from internal development, thus obfuscating the fundamental question and primary mission of any core: “How are you updating your core technology to keep my credit union relevant and competitive?” 

Since the pandemic struck in March, credit unions have had to adjust to the times and reevaluate how they do business. While maintaining healthy relationships with members continues to be crucial, there are other factors that can also determine a CU’s success. One of the most vital factors for credit unions today is choosing the right technology to communicate with members, generate loans, and increase the overall efficiency and functioning of your CU.

You did it. With hard work and determination, you narrowed down your list of potential new credit union core providers to just two, and you made your final decision. But now what? How do you take the final steps necessary to finish the process and make sure everything goes as smoothly as possible?

Choosing to switch your credit union core software provider is a huge decision. After all, credit union core technology is one of the most critical components to any successful credit union and making the wrong decision could hurt your business for years to come. Another big decision comes when you’ve narrowed down your list to just two core providers, and you must choose which vendor to partner with.

Because your credit union core system is vital to the functionality of your credit union as a whole, it's important to partner with the right core solution provider who can deliver the technology and services that best suit the needs of your credit union. Of course, finding the perfect credit union core system involves time and effort, but if you follow the right steps, you’ll be on your way towards a better partnership in no time.

Having the right core processing system is one of the most important components of running an efficient credit union. However, sometimes it feels like technology is evolving at such a rapid pace that it’s hard to keep up. Also, the task of changing core processing systems can be complicated and time-consuming. These are just a few reasons many credit unions continue to use outdated core systems.

As 2020 began we, at FLEX Credit Union Technology, were not predicting a health crisis. In fact, a health pandemic and its impact was not even a conscious thought. As we look back on three quarters of business, we are amazed at how unfamiliar, yet normal 2020 has felt. We have always pointed to the virtue of being able to pivot quickly as a company and deliver technologies that meet our credit union customer expectations and their members needs. With over 260 credit union customers running FLEX in 47 states, our exposure and perspective to the health crisis has been deep and layered.

Developing a strategic plan is often a major project requiring the input and work of multiple people throughout your credit union. From analyzing the prior year’s successes and shortcomings to setting new goals, objectives and the actions required to meet them, the strategic plan provides the roadmap to get your organization from point A to point B – efficiently and effectively. Or so you thought.