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There are many reasons why credit unions often loath changing core platforms–even after their contracts expire. When pressed on the issue, most executives point to some form of inertia. They’re used to their current system, used to their provider, used to their account representative. When pressed further, the honest ones will admit to another motivation: fear, especially fear of the unknown. To a certain extent, this clinging to the status quo helps the credit union operate with familiarity, as financial institutions thrive on normalcy and routine, especially as the economy and the rules keep shifting underneath them. If they’re not careful, however, normalcy and routine can quite easily lead to stagnation and decline. Comfort can become complacency and inertia can inhibit growth. So if you’re looking to change, conversion is necessary.

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