C. Myblog

Considering New Systems? How to Improve Chances for Success

February 13, 2015

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
  • As the saying goes, don’t pave the cow’s path!  It’s surprising how many businesses spend tons of time and money implementing slick new technology, only to follow the same processes used with the previous system
  • Before pulling the trigger, agree on other projects that will be put on hold.  Again, document your agreements and rationale (memories are fuzzy and short!)
  • Have a rigorous process to sort through the many times you will hear or think, “wouldn’t it be cool if…?”  Technology is often filled with good intentions of using all the cool bells and whistles.  Yet for many, the only people that know about the cool features are the people in IT who installed the technology.  If you get bells and whistles, don’t forget to develop plans to tout them to your employees and members
  • Have a Senior Executive Sponsor who clearly understands the credit union’s strategy, business objectives and priorities who is involved in both discovery and implementation

Installing a new home banking, LOS or AOS is a venture that should not be taken lightly.  There is more on the line than just a successful implementation—the credit union’s reputation could ultimately be at stake.  It will be critical to weigh and measure every decision with the gravitas these projects deserve.

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