2020 does not look like anyone could have ever imagined, and having the right core system for your credit union is paramount. Innovation, rapid adoption of digital solutions, and finding ways to keep our customers without allowing them to visit brick-and-mortar locations as they have always done are just a few of the huge pivots the year has brought us so far.
Your core system is the foundation by which you serve your loyal customers and your community. Is it time to consider changing or upgrading it?
Areas for Growth
With the need for digital solutions at an all-time high, credit unions are faced with the need to update their online offerings. As a whole, credit unions serve smaller communities and customer bases than many banks, but the personal service and helpful staff are what sets them apart.
Since the in-person visits are lower than ever and many employees are working from home, offering web portals and apps for doing credit union business in a safe and socially distant manner will potentially create an influx of new, younger clientele.
Your Core System
The Credit Union Journal reports that “more than 20% of members surveyed expect a permanent decrease in the frequency of their branch visits once post-COVID-19 life begins.” As we shift and adapt to this new normal, perhaps it’s also time to see what technologies your credit union employs, and how they could be optimized to better serve you and your customers.
Many credit unions have a historically well-rated core system, but that doesn’t mean the standard core system from years ago is still the best option. In a world full of technology solutions, flexibility and customization rule the day. And while change is hard, the last few months have proven that when push comes to shove, a business can adapt rapidly.
Core systems have all the power that a large corporation needs to run its business for decades. But what happens when a smaller institution using that same core system runs into problems? These smaller businesses, like credit unions, don’t have the resources or manpower to justify having a team of people available to monitor and fix these systems. As with hiring, payroll, and other departments, credit unions have to streamline their business to offer the same valuable services at a fraction of the scale.
Opportunities
Your core system is the lifeblood of your business. And when it’s implemented correctly, it saves your credit union time and money by taking some of the tedium out of your employee’s hands so they can focus on serving your customers. In these uncertain times, analyzing your core system could help keep costs down and streamline processes that are difficult to perform with some or most of your workforce conducting business from home.
Core Hosting with IMS
IMS offers core hosting. If your credit union is considering a core move, let us share how we can save you significantly and provide peace of mind knowing you have industry experts maintaining and managing your most valuable assets.
Contact us to see what solutions we can create for your credit union.
