According to the Credit Union National Association’s monthly sample of credit unions for July, credit union membership growth is moving three times faster than U.S. population growth. Three times! The good news? Growth is happening! The potentially troubling news? You have to be sufficiently prepared for this growth for your credit union to thrive in a changing environment!
To ensure your credit union is able to best serve the increasing number of consumers that are realizing the value of credit unions, there is no better place to start than your core.
Here are some core considerations to take into account when determining of your Core Processing Platform is up to the new member challenge!
- Credit unions should look for flexibility and the ability to customize their core system. No two credit unions are exactly alike, so an efficient core system should be able to adapt to the individual needs of the credit union, not the other way around.
- Your core should provide staff easy access to member data
- The core must able to integrate easily with any third party
- Access to information to assist in product offerings should be integrated within the core, and be no more than a click or two away, enabling credit unions to “onboard” new members with ease.
You can check out more core processing considerations, particularly when it comes to outsourcing, in the summer issue of Synergent Strategies.