SAN DIEGO-Will the credit union's core system lead it into the future or hold it back?
That's a question progressive CU's are not waiting until their 2010 strategic planning sessions to answer, according to Symitar Marketing Manager John San Filippo. "With the economy the way it is, we are seeing a significant division among the way credit unions think. In our fiscal year that ended June 30, we signed 33 new core deals, which is more than we signed in the previous year."
According to San Filippo, that sends a message that many credit unions are preparing for the economic turnaround and looking to capitalize on banks' retreat from the market.
"We are seeing some credit unions say, 'Do I really want to spend on technology now and just wait and see what happens (with the economy and the corporate bailout)?' But the more progressive credit unions are realizing that now, more than ever, they can't afford to have the wrong technology because that will put them behind," San Filippo suggested. "Since the dawn of the Internet, technology has been referred to as the great equalizer for smaller financial institutions. Credit unions need to continue to invest in technology that will help achieve their goals."
San Filippo suggested that if CUs have not made the strategic decision to evaluate their core system, they should make it a prominent discussion at 2010 planning sessions. "For obvious reasons," San Filippo said. "This opportunity will not always be here. Big banks are losing market share and they are not going to sit back and let that happen. The whole marketplace will heat up and there will be a struggle for share."
For info: www.symitar.com
