By Robin Kolvek
Have you been questioning the performance of your core solution, or the level of service you are being provided?
Are you afraid to make a change because it seems cumbersome and overwhelming? Don’t worry – you’re not alone.
A core conversion is a big investment for your credit union, and it should be considered carefully. The good news is core conversions don’t have to be painful. In fact, taking on a conversion can pay big dividends for your credit union and members.
Here are several things to keep in mind if you’re on the fence about converting to a new solution:
Conversions Create Efficiency
Older, legacy systems are often a mixed bag of fragmented software components that have been added over many years of development. Converting to a core platform with modern and flexible technology helps ensure the system can address new and emerging capabilities so your credit union is armed for the future. Thanks to innovation, platforms have become much more streamlined and easy to use for both credit union staff and members.
They Also Increase Functionality
New, flexible core software systems are designed with more tools for your credit union, as well as easier access to third party platforms. More functionality means more products for your members. Some new perks include allowing credit union members to move money from their credit union account to another account outside the credit union, or easily transfer funds to other members of the credit union safely and securely.
You Save Money in the Long Run.
Continuing to add new capabilities to an outdated platform often turns into a money pit, creating a complex system that is harder to maintain. Many core providers don’t update their software regularly, either, which wastes time and money. Newer core solutions with open architecture systems are much more suited to inevitable development so that the system can deliver functional value, improve business processes and meet the custom needs of your credit union.
Data is More Secure.
Cyber threats are changing constantly.It’s best to have the latest software available to quickly address cybersecurity issues as they arise.An adaptable solution that can keep up with cyber threats is key. Equifax’s recent hack is a stark reminder of dangerous world in which we operate.
The Right Partner Can Help You Through It.
Choosing a partner with a one-size-fits-all approach is not a good idea – make sure the core solution and provider match the unique needs of your credit union. The right core provider should have a process in place to work with you from the beginning to ensure a smooth transition, including establishing an appropriate decision timeline to change – from demoing software to training employees. Training shouldn’t be limited to just the conversion process – the provider should also offer follow up training, webinars, etc., and be on call to answer any questions. Once the conversion is complete, you should expect the highest levels of ongoing proactive service and support.
Although a core conversion seems like a big undertaking, a thoughtful, well-planned and carefully executed conversion strategy is directly tied to the ease of the transition and future success with your new partner. To do it right, it’s going to be a time-intensive process. However, at the end of the day, the benefits you realize from an upgrade far exceed the investment in time and resources needed to make a change – and it all starts with a decision that the status quo is no longer good enough.
Robin Kolvek is CEO at EPL, Inc. For info: www.eplinc.com.