Common limitations of a new core provider
In our continuing series discussing the survey by Callahan & Associates and their webinar, “It’s All About the Core,” today we look at and analyze the response of credit union executives when asked what common limitations they encountered after selecting and transitioning to a new core technology provider. A credit union core system review and the resulting core migration carries many changes for an organization, and usually, the migration to a new provider brings technology the credit union was otherwise lacking. It’s a known fact that this is no small project, and it is always assumed you will encounter some obstacles along the way. Here are the most common shortcomings that caught these executives off guard:
1) Lending Capabilities. With lending being such a huge driver to the bottom line and ultimate success of a credit union, it is no wonder that this tops the list. No matter how robust a lending platform is, there’s always room for improvement on this all-important platform. The biggest complaint is the apparent disconnect in loan origination systems, especially as it pertains to commercial lending versus consumer lending. With these two very distinct lending processes, many CU’s still found they have to navigate separate and disparate systems, even after a core migration.
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