You Need to Know These Three Things About Your Current Core Before Exploring Other Options
in Blog
By: CU-Interface

1. Expiration Dates: There are often three important dates you should know. It is important to know these as missing any one of them could prevent you from changing core processors.

a. Core expiration date: Watch out for language that changes the original date, such as “core contract start date will move when new features are activated.” If the start date is moved, so is the expiration date.

b. “Intent to Deconvert” notification date: Not communicating your intent to deconvert could be used against you as a failure of contract.

c. “Automatic Renewal” date: Without communicating that you do not want your current core to automatically renew, you may get locked into another contract with your provider.

TIP: Uncovering these dates confidently is a great task to assign to your credit union’s Attorney.

2. Pain Points: What are the three main pain points you are currently experiencing? These should be the three areas that if improved would have the most dramatic impact on your credit union.

3. True Core Cost: Knowing your current “True Core Cost” is very helpful information to have throughout your search. True Core Cost is your core cost plus your ancillaries’ costs. For example, only a handful of cores offer Document Management and Integrated Home Banking within their platform. Most cores have these as bolted on third parties, which are separate costs charged to the credit union. The cores that offer these services within their platforms have the associated costs rolled into their overall core cost. To understand your True Core Cost please contact us at cdabney@cuinterface.com for a complimentary calculator. Once you know how much your current core is costing you, you’ll be better prepared to review proposals.

CU-Interface believes credit unions should thrive in today’s world by taking full advantage of their core’s technology, not merely survive despite the limitations of their core data processors.

CU-Interface’s core, called mpowered, leads in technology, doesn’t nickel-and-dime, and has an average ticket turnaround time of less than 24 hours. Credit unions of any size are mpowered with the tools they need to focus on what matters most – their members!

You may not have heard of CU-Interface because that’s been intentional! CU-Interface has carefully watched how other cores have grown and has taken the approach of limiting the amount of credit unions they add each year so they can continue their high standards of service and their lightning fast core enhancements. With this intention, they’ve developed a portfolio of in-house created core search tools that has helped numerous credit unions partner with the right cores based on the credit unions’ goals and needs. These core search tools are complimentary, be sure to ask for them at the show.

See a live demo of mpowered as well as four other core processors at the League’s Core Processing Solutions Forum on Thursday, April 5. More information and registration is available here.