This week, CreditUnions.com makes core processors a primary concern. We identify when the time is right to convert, how to keep the conversion process a happy one, how to narrow the playing field for providers, and more.
Here are five can’t-miss data points.
Converting a core processor can be a silver bullet for credit union success, but knowing when to pull the trigger can be a moving target. Tipping points that say now’s the time to switch include concerns about platforms being in maintenance mode or even sunsetted, vendor support and pricing, and the ability to scale with a growing credit union both in terms of basic functionality and new offerings. Core providers, consultants, and credit union leaders say there are multiple reasons to make that big decision. Here are four.
Read: 4 Tipping Points For A Core Conversion
There are few situations more fraught with peril or packed with possibilities for credit unions than a core conversion. The data processing system is the hub of the wheel that makes the modern financial cooperative go ’round, and the conversion process can be bumpy. Then, when it’s over, credit unions must figure out how to harvest the potential of their new system. But credit unions don’t have to go it alone. Vendors provide guidance during and after the conversion process, and consultants weigh in with expert opinion. Plus, credit unions themselves are happy to share best practices emerging from their own experience. Here are five.
Read: 5 Ways To Avoid A Bumpy Core Conversion
Knowing when and how to convert core processing platforms is a challenge that hundreds of credit unions fear and embrace each year. Andigo Credit Union converted to a new core platform in October 2017 after 16 years on its former solution. Sean Bowers, the suburban Chicago credit union’s executive president and chief lending officer, shares how Andigo decided when and how to convert as well as how it’s leveraged lessons learned to improve products, processes, and collaboration.
Read: How Andigo Captured Core Conversion Happiness
The Supplier Market Share Guide: Credit Union Core Processors by Callahan & Associates offers an in-depth examination of the core processor market every year. This market share guide contains information on the leaders in the core processor space as well as information about the credit unions they serve. For instance, Fiserv and Symitar remain the largest core providers with a combined market share of 42.9% of the credit union market, supplying core platforms to a total of 2,406 credit unions.
Read: The Core Players In Credit Union Land
Choosing with whom to partner for a core system is one of the biggest decisions a credit union can make. And switching to a new provider when an existing one is no longer a good fit cannot be taken lightly. When a credit union is looking for a new core processor, what’s the best way to organize all its options? How does it narrow the playing field so it considers only the right provider for its needs? How does it identify a core that helps similar credit unions thrive? Here, we’ve collected three ways to make the right choice.
Read: 3 Tips For Choosing The Right Core Processor Provider