CUNA is now America’s Credit Unions. A stronger voice to advance the credit union industry.
By Kelly Flynn, National Director, ADVANTAGE, powered by JMFA January 9, 2024
Your core processor is the heart of your credit union's data management and function. Its efficacy directly impacts member service quality, operational efficiency, and regulatory compliance. Having the right core processor lays the foundation for a successful digital transformation journey, its choice calls for strategic consideration.
Before selecting a core processor, it's essential to identify your transformation goals, focusing on various aspects of operations, service delivery, and growth.
While cost is undeniably a critical consideration, focusing solely on it often means that other crucial aspects of a core processor are overlooked. Scalability, integration capabilities, user-friendliness, and vendor support are pivotal aspects that demand careful evaluation.
Choosing the core processor is just the first step. Migrating to the new system entails meticulous planning, coordination, and execution to minimize disruption. Implementation should be treated as an ongoing process, with regular assessments and adjustments to ensure the system optimally serves the credit union's needs.
Digital transformation is not just about technology. It's about embracing change at all levels of the organization and fostering a culture of continuous improvement.
Your core processor is the backbone of all future digital initiatives, enabling your credit union to operate more efficiently, serve members better, and stay competitive in the digital age. By identifying your strategic goals, selecting the right vendor, looking beyond costs, and meticulously managing migration and implementation, your credit union can unlock the full potential of your core processor. The journey may be complex, but the rewards of a successful digital transformation will lead to greater operational efficiencies, enhanced member service, and sustained competitiveness, making it well worth the effort.
Kelly Flynn serves as national sales director for ADVANTAGE, powered by JMFA, a trusted consulting partner helping credit unions improve their digital capabilities with a strategic approach to digital transformation, enabling them to stay competitive and grow market share. Our ADVANTAGE team assesses, evaluates, and facilitates the selection of critical technologies and secures the most favorable terms and pricing in complex contracts to ensure credit unions receive the best value from vendors.
ADVANTAGE, powered by JMFA, is dedicated to empowering financial institutions with strategic solutions for growth and success. Our comprehensive services include overdraft program consulting and compliance, checking account acquisition strategies, contract negotiation expertise, and consulting for technology strategy, evaluation and selection. With a rich history of serving credit unions nationwide, we are committed to delivering exceptional value and fostering long-lasting partnerships. Choose ADVANTAGE, to elevate your performance, identify new opportunities, and build more value.