If you’re looking for an upgrade, there are several things you should include on your priority list:
- Integration. An open architecture system is a must-have in the digital age. Older technology that can’t be easily integrated with the latest developments or modules will leave your credit union in the dust as new advancements are made in the industry. Furthermore, the amount of time it takes to upgrade legacy systems results in a huge waste of resources – and they’re more expensive to maintain. The price of keeping old technology around, both from a cost and time standpoint, will only come back to haunt you as you look to stay on the cutting edge of innovation.
- Automation. Rekeying of data is another huge time-waster in our industry. Wouldn’t it be nice to have a core system that eliminates this cumbersome process? Your core should be able to not only eliminate this task, but also automate processes like reporting and subsequent action activities.
- Accessibility. Your credit union staff and members should be able to easily access the information they need in a central location. Whether they are on desktop, mobile or tablet, your software should provide the same user-friendly experience. Your members shouldn’t have to go into a branch to complete transactions, and your staff shouldn’t have to spend a great deal of time looking for the member information they need.
- Customization. Your core processor should be tailored to meet the needs of your individual credit union. Your credit union’s distinct look and feel should be reflected in your platforms – a one-size-fits-all solution is a thing of the past. A platform with your credit union’s specific goals in mind makes it yours, and allows you to reach members with targeted marketing activities.
- Security. A data breach can be catastrophic for business. You have probably thought of the consequences for your members should a breach occur, but you also need to consider that your credit union’s reputation is also at stake. Your members trust you to keep their information safe, and the right core processor can give you peace of mind knowing you can deliver on this promise.