Technology is constantly changing before our eyes—even missing a few weeks of tech news could contain the latest info on the development of flying cars, or a sneak peek of Sony’s new gaming console. We’re in a similar situation with the software running on our desktops, phones, and tablets; they are constantly changing.
Update notifications are all around us, but why? In most cases, the changes are just improvements to existing features. However, sometimes updates fix major problems and bugs, and they’re implemented to improve the stability and security of the application or program, which makes you think twice about ignoring the notifications.
Credit unions experience these updates to their core software on a regular basis; however, if a credit union is using old core software, these “updates” can be a real pain. Updates require users to download and install the changes, which takes time. It’s also standard procedure to manually check for updates, which is cumbersome in and of itself. In addition, software updates take up space on the server, and if users fail to install, their credit union will suffer.
Ignoring updates may prevent customer data from remaining secure or reliable. The older the software, typically the less developers are interested in upkeep and maintenance. The original developers may not even be working on the software anymore to develop necessary security patches that keep cores safe. Given the sensitivity of the data stored in credit unions’ core software, data can’t afford to be compromised.
Another problem with running old core software is that credit unions may run into compatibility issues with newer technology. As credit unions continue to invest in more recent technology, they may find that an out-of-date core creates compatibility concerns as systems don’t match up.
For those in the credit union industry, efficiency is key. Utilizing old core software means that features and functionality won’t be as proficient as they could be—ultimately hurting productivity.
New software tends to offer users more options and more opportunities to customize to meet their specific needs. Older cores remain less flexible, meaning that the user interface isn’t as navigable or effective.
Inadequate Disaster Recovery
Without a plan in place, credit unions with old core software may find themselves in a real predicament when disaster strikes or their server crashes. Where will data be stored and will there be any potential data loss? How long will it take before data can be accessed? If the answers to these questions are: yes, there may be data loss, and it may take longer than even a few hours to access, credit unions can expect to have some very frustrated members.
Poor (or No) Customer Service
A solid support staff is key to any great business—software shouldn’t be any different. Old cores may have a limited customer service staff to rely on, or even worse, none at all. So where do credit unions turn for technical assistance? Old developers? In-house IT staff?
At the end of the day, an out-of-date core at your CU prevents you from providing an efficient tool to employees and offering a secure product to members. Having current core software is the bottom line—and it’s vital to the bottom line of your credit union. Not only is your data more secure and reliable with a current core, but credit union employees will be more productive and efficient with core software that runs smoothly. This ultimately translates into great service and improved member satisfaction, which is what it’s all about.
Late 2012 brought Hurricane Sandy to the shores of the east coast. This catastrophe made a huge impact on the New York area, causing people to lose power for days. Another consequence of this outage was the effect on the credit union branches in the area. Many members lost access to their accounts, and more than 14,000 did not get their usual paycheck deposits in time to pay bills. Truth is, these disasters can strike anytime, which is why it’s vital to be prepared.
Robert McGarvey of the Credit Union Times stated shortly after Hurricane Sandy that “every credit union needs a disaster recovery plan.” We couldn’t agree more, which is why disaster recovery is something that has been our focus from the very beginning. When we started developing our latest core processing software, we did it with the mindset that disasters are always an unexpected event, so the only way to be fully prepared is with an adequate disaster recovery system.
We knew that a DR system needed to be reliable, yet realistic in the face of disaster. Our CUProdigy system provides access to CU information within 45 minutes from any computer that can get an Internet connection. Once connected, every keystroke is replicated in five locations in real time. Between these backup sites, at least one location is more than 100 miles from the credit union, ensuring the safety and protection of your information.
To us, providing this type of reliability and dependability in a core solution is the only way to protect your credit union from those unexpected events. In the event that your credit union is disrupted, you and your members can rest assure as they can continue to make transfers, receive direct deposit, or make a change to their account. Since all of our backups are accessed through the browser, setting up a temporary teller station at a secure location is quick and easy. This type of security is what builds trust to members.
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.