When the first credit union in the U.S. was opened in 1909, all banking was done by paper and, all transactions were manually processed. We have come a long way since then, but with new technology every year, there is always room for improvements. For some credit unions, now is the time for a complete core conversion to improve efficiency and allow for more data integration. It might be time to ask yourself, “is now the time for a core conversion for your credit union?”
A credit union's core platform and operating systems are arguably the most important pieces to the large puzzle of operating a credit union. Without an adequate system, a credit union may have a difficult time serving its members' needs. If a core platform is holding back potential asset growth, it's time to look for a better solution.
When preparing for a core conversion, there are many things to consider. What are the needs of the credit union members and staff? What core platform is going to serve these needs best? For each credit union, the answers to these questions will be different, but the most important thing for all credit unions to consider are the partners that will join them in this conversion.
When preparing for a core conversion, selecting partner vendors is one of the most crucial steps. All credit union vendors have unique offerings and specific uses. Finding the right vendors for your needs may take some time and research, but it will be worth it in the long run.
A few things to consider when deciding what partners are right for your credit union:
- Product Harmony – How will all the products from different vendors work together in one harmonious core platform?
- Training – Will you be responsible for training your team on the new products and services or will the vendor provide training?
- Expense – What is your budget? Will your vendor work with you to stay within budget? Would this expense be an investment that saves your credit union in the long run?
As a credit union vendor, Oak Tree Business Systems Inc. is the perfect partner for your core conversion. With our 37+ years of experience, we provide superior products & services for all your lending needs.
COVID-19 Impact on Core Conversions In 2020
For many credit unions, 2020 was going to be the year for much-needed core conversions. When the virus hit the U.S. in March, plans changed quickly and credit unions had to adapt.
”According to Philip McArdle, director of project management at technology vendor Corelation, a client that was originally scheduled to convert in April requested an additional 30 days to focus on the needs of its staff. Another credit union set to make changes with two core systems in May elected to postpone the start date until late summer in the hopes that team members would be able to work together face-to-face on the conversion site.” –Credit Union Times
For others, delaying the conversion was not an option and facilitators had to come up with creative solutions, including training from home. It is amazing how many credit unions were still able to continue fulfilling these herculean projects during such uncertain times. This is what makes the credit union community great – a willingness and drive to make things better.
No one can be certain when this “new normal” will go back to a level of normalcy that we can be comfortable with, but we know by looking at past pandemics and global situations that recovery will rely on technology. If your credit union has recently switched its core, gotten its first core, or is getting ready for a core conversion, then be sure to contact one of our sales representatives so we can help you build an award-winning platform that will best serve your members and bring growth to your credit union.