The shared focus on bringing the best, most efficient solutions to credit unions is one of the many reasons Synergent is proud to partner with Symitar to bring the Episys core processing solution to our credit union users. Recently, Symitar President Ted Bilke sat down for a CUbroadcast Podcast on why many credit unions are taking a closer look at how a new core processing partnership could benefit their credit union. Here is a summary of the conversation:
Why are so many credit unions deciding to make a change to their core processing provider?
- A lot of credit unions still on second tier systems now are recognizing they need to get to a Tier 1 platform to compete long-term
- We are seeing more core evaluations than ever before
- Even the smallest credit unions now deliver a full range of services
What should credit unions be looking for in a core processing partner?
- A partner to be there long term
- A vendor who continues to invest in their program, and evolve the system around their credit unions
- Tools that give credit union staff the ability utilize the core themselves
- Functionality for credit unions to work on their own timeline
- Flexibility to integrate products they want to – not what vendor wants to sell
What is trending today with core processing?
- Credit unions are looking for better, more efficient ways to do things
- Credit unions need to meet different demographics with different products
- Credit unions are looking to better differentiate themselves and compete with big banks
- It is not an option to offer mobile banking solutions – it is a necessity
How can a core system help credit unions achieve their goals?
- Offer maximum flexibility
- Put capabilities in the core to get consistent data or response across all channels
- Making sure system is absolutely as open and available as it can be
- Satisfy need for Business Analytics to segment membership and identify opportunities for target marketing
Click here to view the complete podcast.