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:
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.
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.
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:
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.
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.
Change is good. Change is exciting and optimistic, but change can also be worrisome, stressful, and disconcerting to say the least. A client of ours recently experienced the range of emotions that comes with any change as they converted to our CUProdigy Core Processing System.
Idaho State University Credit Union, which possesses about $130 million in assets, made the transition to our core software earlier this month. In addition to converting to a new core, ISUCU simultaneously merged the members and assets of Pocatello Teacher’s Credit Union as well. Though this was a daunting task for everyone involved, this undertaking was successful due to excellent cooperation and teamwork from the staff at Idaho State University CU and the CUDP conversion team.
Idaho State University Credit Union CEO, Robert Taylor, praised the recent conversion: “Good job and thanks to everyone for their diligence in helping our members this week during the conversion. If this was your first core system conversion, you may not fully appreciate just how well this conversion went. …this was by far the easiest conversion I have ever experienced…my hat’s off to CUDP for how quickly they responded to unforeseen errors that were fixed immediately.”
As a leading provider of credit union software and support, we are excited to add ISUCU and their entire staff to our CUSO. It is our main goal to successfully bring new credit unions onto the CUProdigy System and watch as they offer improved member experience and increase their level of service. Across the board, change proved to be a good thing– this conversion was a total success!
-Craig Peterson, Director of Marketing, CUDP
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.