Two years after taking over the helm at Vibrant Credit Union, President and CEO Matt McCombs knew that he wanted to convert the $490 million institution's core processing system. It was now 2013 and Vibrant was losing members, loans and deposits.
In an attempt to turn that tide around, McCombs and other executives at the East Moline, Ill.-based credit union created a comprehensive plan to reinvent and rebrand Vibrant for long-term success. An integral part of that plan included replacing the CU's legacy core platform. So McCombs assembled a cross-functional team to create a roadmap for all of the institution's technology needs.
McCombs did not want to rush the process, so the team created a gradual timeline to carefully consider the impact of a core conversion on the CU's vital operations, including daily teller tasks, self-service member portals and regular accounting process, among many others.
After what McCombs described as a "competitive discovery process," in late 2014 the CU decided on the DNA core account processing platform with integrated surround solutions from Fiserv. He then assembled a nine-member conversion team to work closely with the technology vendor.
Between January 2015 and April 2016, these nine employees exclusively worked on the core conversion, under the guidance of senior executives. McCombs said he strongly advises other credit unions to follow this approach, noting that a conversion has broad implications, and is not just a technical responsibility."
"I believe that everyone is impacted by the process," he added. "And full ownership and open communication from top-down is vital.
Another best practice McCombs recommends is dedicated staff training prior to a core conversion as well as ongoing employee support throughout the process. Vibrant staffers completed a weeklong training program with refreshers before and after the conversion took place in March 2016.
"The head DNA trainer managed the process for over a year, which prepared Vibrant's staff to successfully work the DNA on the go-live date," McCombs said. "Vibrant also provided supplemental training outside of normal business hours and staged DNA workstations in each branch where frontline staff could practice."
The upshot: A smooth launch of DNA with Vibrant and Fiserv working quickly through other third-party vendor issue prior to the conversion. Most importantly, the DNA conversion was seamless for members, according to McCombs.
And once DNA was up and running, the CU was able to make adjustments, such as updating loan and savings rates, in minutes instead of the up to 40 hours of programming it faced with the legacy core system.
"The sales force is now able to access and act upon key data much quicker, and this has immediately produced a faster and more personal experience for members," McCombs added.
