Is your bank or credit union planning an upcoming core conversion? The process can be challenging and difficult to navigate. This week’s FIN News looks at the CUNA Councils article, “Seven Steps to a Successful Core Conversion,” and shares some best practices for the conversion process. Here are the key takeaways:
- For many banks and credit unions, a core conversion can be a big challenge and can have a significant impact on internal resources.
- Vibrant Credit Union, with more than $550 million in assets and 41,000 members in Illinois and Iowa, converted its core platform to DNA®from Fiserv in February 2016.
- For Vibrant, the conversion is part of a long-term transformational process to grow the credit union while adding increased value to the lives of members and local communities.
- The credit union was looking to upgrade its core platform to better meet members’ needs and expand innovation.
- Prior to doing a core conversion, Vibrant recommends conducting a 360-degree assessment to gain the full perspective on the technology change.
- Here are some additional best practices Vibrant Credit Union followed:
- Establish a conversion team.
- Research the vendor landscape.
- Think it through.
- Select a business partner.
- Dedicate staff to the conversion.
- Conduct mandatory training.
- Prepare for the go-live date.
Want to read more about trends impacting banks and credit unions? Our winter issue of the FinTalk Report shares the latest IT insights for the financial services industry.