Maximizing Core Investments
Jack Henry shares six ways to ensure your credit union makes the most of its core system investment.
Investing in a core isn’t only about the technology, it’s also about finding a strategic provider. Each credit union has its own set of unique needs and preferences, which is why it’s important to have the technology and a dedicated team of experts to support them now and in the future. Both should be open and flexible, helping the credit union create, customize or integrate solutions to better serve its membership, ultimately removing the barriers to financial health.
An open technology foundation helps credit unions deliver on their people-helping-people philosophy. This foundation should include a core platform that provides open application programming interfaces (APIs) and member-centric capabilities to help the credit union become more efficient, so it can focus on serving the needs of its communities. Members should have an intuitive experience across all channels due to the credit union’s comprehensive, dynamic and scalable core platform.
In addition to technology, strategic providers should be sharing ways to improve the credit union’s performance, enhance member service and support growth goals. These conversations shouldn’t only happen during the evaluation and implementation process but throughout the relationship. Providers should also be keeping a pulse on key trends and looking ahead, investing in their technology and the future of the credit union industry.
Below are six ways to ensure your credit union makes the most of your investment.
1. Engage with your account team. Your core provider wants to be your strategic advisor, and as such is looking to you to stay engaged when you are a client. This translates to knowing and working with your account team, so your credit union can make the most of the products and services from its core provider. Rely on your account team to suggest products and services, share information about regional networking events, connect you with other clients for additional perspectives or offer rediscover sessions to ensure you’re maximizing your technology to the fullest extent.
2. Understand the change and impact of core releases. Software is not inherently intelligent; it only works because the people behind it tell it what to do. Ensure that all the necessary people at your credit union understand the functionality rolling out with each release and how it can fulfill your needs. Many providers share videos, documentation and other training in advance of core releases that detail new functionality. Share this information with cross-functional teams within your organization and discuss the impacts, both positive and negative, new features will have.
Additionally, when looking to implement a new product or service, it’s best to look to the technical publications and available resources with your core provider to determine if the functionality you need already exists in the core before building it or buying it from somewhere else. It is possible that the functionality was released previously, but you might not have chosen to enable it at the time. Finally, when it comes to releases, it’s important to understand what’s in the development pipeline and how your credit union can use this upcoming functionality to your advantage. And if you’re not sure, ask your account team for more information. Use the release cycles as opportunities to embrace changes and look for optimizations.
3. Ask for help. Your core provider wants to help you find best practices and work as efficiently as possible. Don’t be afraid to ask for help. The more you ask, the more information your provider has about what areas of the system need improvement or additional explanation. Trust in your provider to offer a solution that will address your challenge.
4. Use the services available. Providers have various built-in and add-on maintenance programs for a reason; don’t let them go to waste. You wouldn’t buy a new car and never have it serviced. The same should apply to any piece of technology, core included. Use the built-in services and look for add-on maintenance services like optimization reviews. Optimization reviews can help you pinpoint scenarios where processes have changed, or a product has been introduced without the corresponding software changes. Software is easy, but processes and procedures are difficult. Use these optimization reviews as a way to improve your processes to create a consistent experience, build efficiencies and maximize your credit union’s investment.
5. Involve all business units. Your core is more than just IT; every single person at your credit union uses your core in some capacity. It’s unrealistic to assume the IT department alone knows and understands every process involved in every piece of technology, including how to make any changes or updates. Highly successful credit unions will integrate subject matter experts from technical perspectives into business units, as well as involve people from all departments in networking user groups and connect them with peers. They will also have well-defined change management practices on how changes are made in the core.
6. Leverage your core provider’s network. This network can include the existing relationships they have with fintechs to make it easier for credit unions to explore and deploy services. Credit unions can also use the provider’s network of clients to learn from each other about best practices and tips. Join user groups and talk to peers that are using the same core and products to gain secondhand perspective. Consider events as another way to learn about product roadmaps and services, as well as network and build connections with others in the industry. And don’t forget to involve all business units, as these opportunities provide a learning experience for everyone.
These approaches can help credit unions accomplish both their short- and long-term strategic objectives, collaborate on innovative solutions, strengthen connections with their communities and more. Credit unions are the lifeblood of Main Street America – and this starts with having a strong foundation in place. From there, it’s up to the credit union to continually invest in its relationship with its provider. A core isn’t supposed to be a one-time commitment. Instead, think of it as a constant commitment that will help you positively impact the lives of your employees and members. And, you might be surprised to learn about untapped opportunities!
Brynn Ammon Director of Client Operations, Credit Union Solutions Jack Henry Monett, Mo.