Credit union IT directors and administrators fear it. At times, it may keep them up at night. However, it doesn’t have to. The dreaded core processing system conversion can be a relatively smooth transition.
If your organization has a good plan from the start, it can weather the storm and land on dry ground during and after a core conversion. Here are seven reasons why a core conversion isn’t as overwhelming as you think:
Strong Contingency Planning
Every aspect of a core conversion deserves careful preparation, which includes “what if” scenarios. While no core conversion will take place completely devoid of snags, dealing with a challenge is so much easier if you’ve already prepared for it ahead of time.
Remember to open your mind to what could go wrong. This is one area where letting your imagination run wild is a good thing.
The more structured your core conversion deadlines are, the better. Will some of those deadlines ebb and flow? Sure. That said, having an evidence-based timeline rooted in the information at hand will provide vital structure and keep employees churning toward mini-goals within the larger framework of the system conversion.
Ample Support is Available
Choosing a core processing provider that has a knowledgeable support team is essential. For example, if your provider is a Credit Union Service Organization (CUSO), then you’ll benefit from a certain level of industry expertise — and piece of mind — from start to finish of your conversion.
A Strong, Prepared Team Matters
If your staff is trained well and is helped to understand why your core conversion matters, the process will thrive. Seemingly small but actually key components of team building for core conversions include:
- Positive approach
- Open dialogue
- Opportunities to ask questions
- Allocate daily time for tasks unrelated to the conversion
- Provide snacks and other morale-boosting extras
More Flexibility, Less Pressure
The growth of cloud services and new technologies has driven increased flexibility in core processing systems, which is creating an atmosphere of less pressure before, during, and after core conversions. Credit unions have room to change their minds and/or adapt to rapidly shifting trends much more easily than ever before — even during a conversion.
Keeping a core system up-to-date and in compliance with federal regulations is easier than it used to be, thanks in part to the influx of digitally available resources. Easy-to-use tools regarding cyber security and much more are online, just waiting to be utilized. These are excellent for learning, double-checking and sparking new ideas.
Opportunity to Take Ownership
With a core provider such as CUProdigy, which is a CUSO, credit unions have the opportunity to literally take ownership. It’s an investment in the future of the industry, as well as a natural way to instill a greater sense of control during your core conversion.
By taking ownership of their movement toward new technologies and a future-proof architecture, many credit unions are finding unique confidence and ease of use throughout their core conversions.