If you are a musician or musically inclined, you may understand this comparison more than others: Core processing is the melody, while third-party products provide the harmony. The melody is the tune that is sung [...]
The task of reviewing a new credit union core processing system can be overwhelming. With the rapidly changing world of consumer technology and the fact that your credit union members want to connect with you [...]
It was not long ago that the role of your credit union core was limited to back-end data applications: Processing your daily account transactions and updating the associated member account balances to a server. Your [...]
By Robert McGarvey
It was late January when the Brookfield, Wis.-based Fiserv rocked the core system universe, announcing it had acquired competitor and DNA core architect Open Solutions for roughly $1 billion, much of [...]
Outsourcing has long played a valuable role in many credit unions’ IT strategies. Today, many forces are driving credit unions to consider outsourcing—and the benefits they can gain from a successful provider partnership are [...]
BY ROBERT MCGARVEY
The Rundown
About 30% of CUs use a hosted core.
Small credit unions particularly find many benefits besides cost savings.
If CU regulators push for off-site cores, the rush will be on.
[...]
Credit unions and community banks aren't doing themselves any favors in negotiating information technology (IT) service provider contracts, according to a survey of executives about their top business concerns and management priorities.
Instead, community financial [...]
Fiserv vs. Symitar vs. Everyone Else In the $250 Million and Up Class
BY ROBERT MCGARVEY
Somebody is winning. Somebody is losing. Just don’t expect an easy to decipher who will win the battle [...]
by Michelle Harbinak Shapiro
Whether it’s due to limited workflow functionality or an inability to integrate well with other systems, switching cores is a growing trend in the credit union industry. With more consumers [...]
By Michelle Harbinak-Shapiro
Core banking providers have been taking over the headlines lately. It reminds me of how the geniuses at Cornerstone Advisors effectively used pop culture to urge financial institutions to overhaul their cores [...]
Michelle Shapiro, Hyland Software
Core banking providers are taking over the credit union headlines lately. It reminds me of how the geniuses at Cornerstone Advisors effectively used pop culture to urge financial institutions to overhaul [...]
By Dianne Molvig
With outsourcing, the vendor takes care of disaster recovery and compliance.
Duke University Federal Credit Union, Durham, N.C., switched to outsourced core processing seven years ago, when outsourcing was less common [...]
By Dianne Molvig
Outsourcing core processing frees up valuable staff time.
Cost analysis steered $16 million asset Acadian Federal Credit Union, Lafayette, La., toward outsourcing its core processing with Symitar in early 2012.
“You always [...]
The departure of a lead information technology (IT) person spurred $70 million asset Cintel Federal Credit Union in Cincinnati to shift to outsourced core processing in 2011, says CEO Bill Zimmer.
He knew hiring a [...]
By Dianne Molvig
Hosted service model is a blend of in-house and service bureau systems.
Giving up the control that an in-house core processing system provides can be a big sticking point among information technology ([...]