A core conversion can be a challenge for any credit union. It’s necessary in the long run to replace outdated systems and find robust new solutions, but the process of transition can be difficult. Here are five ways you can simplify core conversions for staff as well as for customers.
If you’ve ever moved your family from one house to another, you know how much easier the process can be if you set a basic schedule and stick with it. A core conversion is exponentially more complex. It’s a multilayered process involving software, hardware, human resources, customer service and many other moving parts. The better your schedule is planned, the more painless it will be.
Unless your staff members know exactly what’s going on during a core conversion, there’s a risk of encountering problems. Consider holding weekly meetings during the critical period of conversion activities. Encourage staff to ask honest questions about the process.
An important part of communicating with staff is letting them know which changes are most likely to have a direct impact on customers. Even people who largely work behind the scenes should have access to this information so they can better serve the whole company. Will the conversion take place during a payroll week? Will it be broken up into smaller subprojects or implemented all at once? How are customers being told about the changes?
Many credit unions find themselves facing reduced growth during the period immediately before a core conversion. Directing resources toward preparing for a core conversion can feel risky. Rest assured that the time and money spent on training and preparation is not wasted. It will simplify the actual process once you “pull the trigger” on the conversion.
Customers may be anxious during the critical period of a core banking upgrade. Even if they don’t fully understand what’s going on with your banking systems, they know that their money is at stake. They have every right to be concerned. Keep the lines of communication open and let them know what’s happening with their financial institution. Add extra customer service resources to deal with busy phones and online queries.
A core conversion doesn’t have to be a traumatic experience for your credit union. It can go smoothly and successfully if you keep these tips in mind.
The beginning of a new year is a perfect time to look at the way your credit union does business. By keeping these seven basic resolutions in 2016, your credit union can offer great service to your customers and maintain an ideal working environment for your staff.
With disaster recovery, it’s not a matter of “if”—it’s a matter of “when.” Sooner or later, important data will be impacted by hackers, a natural disaster or plain old user error. Thinking about it now means less panic when it happens. Have a robust, multi-layered plan in place so you can return to business as usual with a minimum of disruptions.
The current economic situation might have left you with a tight budget for 2016. Think about what you can cut without compromising efficiency or data security.
Whether you’re a small local credit union or a large one, good communication is the key to making things run smoothly. During 2016, make a resolution to communicate clearly at all levels of the organization. Clear communication can happen face-to-face in meetings or by other methods, but it needs to happen.
More and more customers are doing their banking on mobile devices, such as smartphones and tablets. If your credit union hasn’t already optimized the user interface to make it just as convenient for small screens as it is for desktop computers, now is the time to make that change.
Cloud-based business solutions can help you run your credit union more smoothly and safely. By moving important functions from office-based physical infrastructure into the cloud, you can enjoy better security, increased efficiency and reduced IT costs.
Especially when you’re going through a big change such as a core conversion, it’s crucial to talk with your staff at each stage of the process. Let them know what’s going on with your credit union and answer their questions honestly.
Your customers may have questions about mobile banking, home banking, bill pay or other aspects of their user experience. Take the time to listen to them and respond to their questions. Consider using live online chat or other methods to encourage communication with customers. Live chat can take some of the pressure off the phone lines.
By taking the time to make smart plans about budgeting, communication, customer service and technology, you can make 2016 more successful than ever.
CUProdigy is in the unique position to help Credit Unions ‘Advance Beyond’ by providing a core processing platform that puts the member experience first. CUProdigy empowers credit unions with a comprehensive solution that is both robust and scalable.