Core Processing Rethink Has Begun
The brain of every credit union is its core computer system–the tabulation of every transaction and thus the essential record. But voices increasingly are heard that it is time for a substantial re-evaluation of those core systems.
That is true for two reasons. They are very old and, in many instances, they no longer have the intelligent flexibility required to keep pace with a 24/7 world that demands answers right now.
“We have more tightly integrated our online banking and iTalk channels into the core. We have also added fraud detection, MCIF, logging member service events and tracking sales incentive, pulling data directly from the core to assist us in providing a more concise member experience,” she said.
In contemplating new cores, two trends characterize that universe, said the experts. And First Credit Union’s conversion illustrates them. “Today’s cores are all about an 11 letter word, integration," said Sievewright. “The ability of a core today is to be a platform from which all other services are delivered,” he added