When selecting a core provider, there is more to consider than features and functionality. There are quantitative factors that should be considered, and these numbers will help guide a credit union’s decision in the selection process. Choosing the right core for your credit union can be overwhelming, but looking at the numbers and data can help the right core platform become more obvious. When shopping for core systems, obey the numbers, and your credit union will find the right fit.
Understanding what size credit unions a provider typically serves is a good place to start when beginning to evaluate core systems. A credit union with more than a billion in assets would have completely different needs than a CU with 10 million in assets, so it’s important to consider providers who work with other CUs around your size.
Don’t be fooled by a provider that flaunts a big market share. If their customer base is predominately comprised of credit unions much larger or smaller than your own, then it’s unlikely their solutions will be a good match your your needs.
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