The core processing platform remains the nerve center of today's credit union, and keeping up with the Joneses often requires converting to a new system.
There were 200 such conversions last year, compared with 420 in 2015, and together that represents about 10% of the 6,011 U.S. credit unions in the Callahan & Associates database as of Q2 2016.
Each credit union has its own reasons for making the move, an expensive venture that consumes time, money and people power. All that planning and effort is intended to position a credit union to stay competitive and improve service by offering more products and services across more channels, efficiently and seamlessly – and transparent to the end user, the member.
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