Core systems have always been the lifeblood of credit unions. Whether they exist on premises or on a cloud, core systems now connect multiple channels, including mobile, and affect profitability.
Traditionally, core systems have been the back end data applications that process all transactions that occurred during the day and post updated data on account balances to a mainframe system. They've typically encompassed deposit account, loan and credit processing, and have interfaced to general ledger and reporting tools.
However, core has developed into much more than that.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
