Merger and Conversions Demonstrate Challenges Met
For credit union executives planning a core banking system conversion, feelings of fear and stress are common.
Throw another factor into the mix, like a merger, and the conversion process becomes that much more overwhelming and complex.
Samaha said some of the most common fears credit unions have going into a core system conversion are that they will suffer a system outage, be prevented from working on other projects and exhaust their staff.
Stanford FCU said it didn’t need Samaha Associates’ help in every stage of its conversion. The credit union had already chosen Open Solutions Inc. as its vendor and had a firm grasp on how to manage the process. Instead, it primarily needed assistance with smaller details, said Jim Phillips, senior vice president and chief information officer at Stanford FCU.