5 ‘Core’ Considerations

Sponsored by D+H

For credit unions, the core banking platform is the primary system of record for members and accounts, and arguably the most important technology choice. The right core strategy starts with understanding future expectations, current needs and what solutions are geared to your business model. Here are five things to consider when making your decision.

1. How does your core system affect your member experience?

Credit union members can have high expectations for personalized attention and customer service. Often, that’s the very reason they chose to establish a relationship with your institution. When your employees serve your members, what does the experience look like? When they look a member up in the system, do they pull up an account or an account holder? If your core is able to provide a snapshot of the account holder, every employee who interacts with a member has a holistic view of that member. This means your staff aren’t offering products and services that a member already has, or taking a long time to access the information they need to provide superior service.

2. What does Microsoft-based mean?

Microsoft-based means that a core is truly based on Microsoft, from the user interface and the middleware to the actual SQL server database including integration with Outlook and Office. However, you may see that some core systems are called Microsoft-based, but are really built in an Oracle database with some Microsoft integrations. Check to see if the core solution is based on open architecture and has access to 100 percent of the data.

3. How are your workflows affecting your member experience?

Speaking of Microsoft, having the workflow built in the core using the Microsoft Workflow foundation makes it possible to have static as well as dynamic workflows. A dynamic workflow is rules-based, i.e., the system automatically identifies what needs to be done next based on user input, and then automatically routes the task to the appropriate queue of staff members. Dynamic workflows permit staff to perform a function in the exact same manner regardless of the channel the member chooses, so members get the same experience wherever and whenever they bank. Many core providers have workflow functions that operate independently of the core, which can leave holes in the system. These gaps can impact your team’s level of responsiveness to tasks and, ultimately, the member experience.

4. What systems does your core solution integrate with?

Would you rather shop around for technology at different providers or have everything with one fintech partner? Either way, it’s important to know what your core solution fully integrates with. You will want to know if the other technologies you need will be compatible with your core, e.g., lending products, self-service solutions or payments.

5. How does your core solution help with decision-making?

Does the solution capture and make the crucial data you need for decision-making and analysis easily available? Is the information timely and up to date?  Not only is it important to have a selection of reports to choose from, they should be easily customizable to meet your specific and unique business needs. This can be accomplished by using the Microsoft suite of products from Microsoft Office to Workflow Foundation to SQL Server.

Kristen Jason is solutions marketing manager/financial solutions for CUES Supplier member D+H, Lake Mary, Fla. While evaluating your core technology is a major undertaking, having the right partner lead you through the process can change everything. Find out more in our free e-book, Preparing for and Growing in the Future.