A beginner’s guide to credit union core systems reviews
by: Preston Packer
The task of reviewing a new credit union core processing system can be overwhelming. With the rapidly changing world of banking technology, and the fact that the average age of a credit union member is over the age of 50, credit union execs are looking for ways to use technology to attract younger members. This inevitably entails a review of the core.
In 2015, Millennials will overtake baby boomers as the largest living generation in the U.S., and will represent nearly 76 million consumers. The demands from these younger generations are begging for the attention of credit unions, and many CU’s are looking at this as the right time to review their core technology. Here are some items to keep in mind when approaching a core system review:
- Know yourself: Know the needs of your organization. Identify what matters most to your credit union and don’t lose sight of it. While it’s always a good idea to explore new solutions you hadn’t considered before, don’t get distracted with solutions to problems that you don’t have. Every solution has its strengths, and every credit union its own priorities. Line up your priorities and ensure you are not looking to fill a void that you didn’t have to begin with!
