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Getting the Most Value From Credit Union Core Processing Technology

No matter if it be new member growth, cost containment or technology needs, credit unions need to consider when the time has come to evaluate and upgrade their core systems. Finding the ideal core processing solution can have an immense impact on any credit union’s success; however finding it may prove challenging; they should first identify key issues they want addressed then find one which meets those requirements.

Teri Van Frank of CUES supplier member Share One in Memphis, Tenn suggests credit unions seek out core processors that will offer them maximum overall value, according to Teri Van Frank, president/CEO of CUSO and core processing system provider Share One CUSO/Share One CPS in Memphis TN. She suggests considering not only what their current system offers but what else may become possible in future, with regards to markets expansion or merger.

She emphasizes the need for the core system to provide a flexible, scalable platform that can meet a credit union’s changing needs, including making adding or changing products or services simple and straightforward – especially crucial for mid-size credit unions. A core processor that integrates easily with third-party solutions as well as APIs or web services will make this task simpler for mid-sized credit unions.

Credit unions that want to maximize the value from core processing technologies should understand which issues and decisions drive their needs and decisions, along with which metrics serve as key performance indicators that will enable them to measure internal goals, identify opportunities, reinforce strengths and uncover weaknesses.

Duffy particularly valued DNA’s ability to assign members one product instead of multiple ones. For example, someone might have two checking accounts and one savings account; previously these might have been assigned under separate memberships, making data analysis, member service and marketing difficult. Now though, one membership covers them all and better aligns with how people live and bank now.

Converting their remote core during a national health crisis was not without challenges, but SAFE FCU found the investment worthwhile. Wayne Keels, Director of Continuous Improvement states that implementation of this new system has resulted in hundreds of hours being saved via automated processes vs. manual processes. These improvements include automating daily reconciliations, decreasing data entry errors and giving staff more time for member service – all leading to an increase in efficiency for the credit union. Wellington IT and the Credit Union of Wisconsin have teamed up to bring self-service kiosks into its branches, giving members more choice and flexibility while improving branch experience and freeing up time for member service officers to interact with visitors and sell loans.






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