Considering new systems? How to improve chances for success
Many credit union management teams are considering changes to their mobile platform, home banking, loan origination system (LOS) and/or account opening system (AOS). The following are just a few (of many) tips to consider:
- Get clarity before submitting RFPs. As a leadership team, agree on your decision drivers and the specific business objectives you are trying to achieve
- Sort out the “must haves” versus the “nice to haves” and reach consensus as a leadership team
- Document your agreements and rationale—people are overloaded and memories can be fuzzy and short
- Map the ideal process. It is invaluable to map the ideal process as part of your discovery. It helps teams clarify objectives and sort out priorities before submitting RFPs
- Remember, the IT department is only a fraction of the resources that will be needed on these types of endeavors. Many departments will be involved so be sure to identify the resources needed for each (think of testing, training, marketing, compliance, etc.)
- There is no perfect system. Choices and sacrifices will have to be made. When faced with these decisions, always go back to your decision drivers and business objectives