Top features credit unions look for in core providers

Callahan & Associates is known in the credit union industry for their in-depth research and analytics. With 30 years of experience in credit unions, they have provided sound advice for credit union leadership. Every year they survey the industry to gain a deeper understanding of credit union core processing trends and best practices. In 2017 they asked CU executives what top features they were looking for in new credit union core providers. Here were the top 3 responses:

1. Seamless Core Integration. Looking back just 5 years ago in 2012, credit unions identified IT Systems to be a limiting factor to their success. Now, the integration of multiple systems and products is identified as the key to their growth. The ability to seamlessly integrate with third-party vendors was identified in the survey as the most desired feature in a new core provider. Not only was it named the most important feature they are looking for, it was identified as the number one deciding factor for credit unions who did, in fact, make a conversion in the past year to a new provider. From mobile loans to in-house credit cards, integration is key. For example, credit card solutions should integrate card ordering and card loan servicing seamlessly into the core, providing both members and staff with real-time transactional access to card account information through mobile banking, eStatements, eAlerts and various other service channels. This is the type of seamless integration CEO’s are looking for to provide real and substantial cost savings and efficiency in serving their members.


continue reading »