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Unmask the Core Conversion Bogeyman

There are many reasons why credit unions often loath changing core platforms–even after their contracts expire. When pressed on the issue, most executives point to some form of inertia. They’re used to their current system, used to their provider, used to their account representative.

By Robert Landis | Updated on June 05, 2011

There are many reasons why credit unions often loath changing core platforms–even after their contracts expire. When pressed on the issue, most executives point to some form of inertia. They’re used to their current system, used to their provider, used to their account representative. When pressed further, the honest ones will admit to another motivation: fear, especially fear of the unknown. To a certain extent, this clinging to the status quo helps the credit union operate with familiarity, as financial institutions thrive on normalcy and routine, especially as the economy and the rules keep shifting underneath them. If they’re not careful, however, normalcy and routine can quite easily lead to stagnation and decline. Comfort can become complacency and inertia can inhibit growth. So if you’re looking to change, conversion is necessary.

Let’s unmask this conversion bogeyman for what it really is. The alternative to the status quo, devoting the lofty amount of time and resources to making a change to a different core solution, doesn’t have to be daunting. It doesn’t require abandoning what’s comfortable and what works. A core processor not resting on its laurels can provide the tools and the personnel to help a credit union move past the initial anxiety a conversion brings and realize the opportunity that lies beneath.

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