Tech Time: Selecting a new core vendor on a limited budget

10 best practices for a smooth DIY vendor selection process.

Your credit union has not been pleased with its core system performance in the past year or so, and your contract renewal is approaching. The management team has decided that it is time to look at alternative vendors and see if the grass is greener elsewhere. You need to keep costs down and have opted to use an internal team to manage the vendor selection process.

Smaller credit unions may not have the budget to hire a consultant to manage a core systems provider selection. As a result, we often get the question:

“What is your best advice for managing a core systems selection on a limited budget?”

Most do-it-yourself systems selections fail for one of two reasons: Either the credit union fails to dedicate a full-time project manager to the effort, or the person chosen to lead was the wrong one. The wrong individual could be a person without solid project management skills or someone without the authority to make decisions and lead the team.


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