Where to start?
Partnering with a core processor is one of the most critical decisions a manager can make for their credit union. This opportunity doesn't come along very often. The technology world has only accelerated since you last looked at data processing systems. Download our free whitepaper for a more in-depth process overview.
Steps to help get the best value from your core search
1) Identify your key dates
- Current Term Expiration Date
- Intent to Deconvert Date
- Auto Renewal Date
- Do terms for your ancillary products / Key Vendors align (Home Banking, Bill Pay, etc.)
2) Do some housekeeping
It's not our thing, but many data processors charge you based on varying monthly counts of your members. Common areas where Credit Unions can save are:
- Identify and close unactivated Debit / Credit Cards in your portfolio
- Review and deactivate unused Home Banking accounts. Formerly, recommendations for automatic lock-out were after 365 days of inactivity, from both billing and security perspectives, we recommend tightening this to 90 days at most.
- Bill Pay users. If you go through a third party, it's easy to have inactive or even closed accounts linger on recurring bills for months or years
3) Find out what you're currently paying with our Total Cost of Ownership Calculator
Do you have third-party add-ons or does your Core Processor charge separately for:
- Home Banking
- Remote Deposit
- Bill Pay
- Network support
- Disaster Recovery
- Et cetera, et cetera, et cetera...
4) Identify your primary goals
- Do your members demand the newest tech?
- Are you looking to grow your loan portfolio?
- Do you want to just maintain your current member base but improve service?
- Are you looking to streamline your internal processes by eliminating unnecessary vendors?
5) Evaluate vendors
- Use our RFI Template and see how your current and propective partners stack up
- Evaluate our pre-filled RFP Template to see how CU Interface compares
6) Schedule demonstration of the system
We typically begin with a 1-hour webinar to introduce the system and get to know about your credit union's goals.
7) Perform site visit to see a system in action live at the credit union
- See the Teller line efficiency serving members
- Talk to Credit Union staff about the strengths & weaknesses of the system
- Start to build relationships with other users to share ideas and best practices
- PLEASE NOTE: It's not all about the numbers! Although you can see the system in use at any of our clients, coordinating the visit with your marketing rep allows us to coordinate a visit to the Secure Data Center and connect you with a credit union not only similar in size or geography, but more importantly those using a similar feature set as your credit union. It really is customizable enough to make a difference.