by Robert McGarvey
Name the single most important IT system in your credit union.
Spoiler alert: it’s not your core. Not anymore.
Who says that? Mike Hatch, a VP and national sales manager at Finastra, and a core expert. Hatch knows the core is crucial but he also believes that it’s the institution’s digital orientation that will shape its future.
Core is part of that.
But it is not the end all.
Another question: is your core system holding your institution back? Can you easily – and inexpensively – integrate cool fintech technology into your core?
Say no and you are telling the truth.
But it’s the wrong answer. You want an open core that lets you deliver the tech your members want.
Credit unions are looking for ways to be different, says Hatch. An open core helps there.
Think cores are boring? You won’t think this podcast is boring – and you just may find yourself wondering if now is the time to initiate a core conversion.
Scary? You bet. But going out of business is scarier.
This is one of a half dozen podcasts recorded at Finastra Community Markets in Chicago, October 2019.
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Find out more about CU2.0 and the digital transformation of credit unions here. It’s a journey every credit union needs to take. Pronto