6 reasons you should change core systems and 3 reasons you shouldn’t

first_imgAre you a coin tosser?  Horoscope reader? Eenie-meenie-miney-moe’r? Whatever your preferred method of making a decision between equal contenders, there are certain matters that require more in-depth research during the decision making process.  When it comes to a credit union core conversion, most will agree this is one of the most crucial decisions within a CU. And while it is doubtful any would leave this decision to chance, there are many around the country who stick with their existing credit union core processor because they do not recognize the signs that they should leave. So, should you stay or should you go? Here are some reasons to consider before embarking down the path of indecision:Reasons you should change your core:Costs – If the terms keep changing and fees keep increasing unjustifiably, you may want to consider a core system review. Avoid contract entrapment and check your agreements. In recent years, many core providers have not only employed but embraced a staggered contract strategy in a deliberate effort to entrap clients.Unsatisfactory technical support – If you’ve experienced a breach, constant outages or configuration mishaps after an update and rather than solving the issue you spend hours on hold, you should research alternatives.Distrust – Do you find yourself wondering if your account manager is feeding you mistruths to cover up mistakes, or perhaps you aren’t convinced they fully understand your issues? Find your peace of mind and begin the steps to conversion.Development Halt – If your core is stuck in the stone ages and does not have development plans to keep you on pace with the market and competition, consider a change.Non-Compliant – Your core is to blame for compliance on exams and audits?  Seek a core conversion. This is too important to risk losing a charter and paying fees.Inefficient – If your core’s outdated system keeps your staff from being productive, you should change your core. continue reading » 26SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more