Service remains the No. 1 issue for credit unions in choosing and selecting technology vendors, according to a new survey by CUES Tech Port and M One, Inc., Phoenix. Functionality also rated high in choosing technology vendors, according to the survey, which projects that CUs spend in excess of $1.5-billion on technology every year.
The survey found that top concerns of credit unions related to service are knowledge and skills of vendor employees; vendor employee turnover; timeliness of problem resolution and vendor commitment to the product.
Many of the 341 respondents also expressed concern about the financial condition of their Internet banking provider, CUES said, with the most prominent complaint that emerged about Internet banking was the quality and testing of new releases.
The survey was based on responses from 341 credit unions.