Start a Successful Core Conversion
Converting core systems can be a daunting process for any credit union. It can take many months to select a core vendor that meets the needs of the credit union and its members. Upon completing the due diligence process and approval from the board, aligning vendor contracts and converting data can still take many months.
ESP has created a dedicated, full-time Conversion Coordinator position to make the process as smooth as possible. Lexi Szabo, who has been with ESP for nearly six years, was promoted from Client Services Representative to this new role a year ago. In this role as a Conversion Coordinator, she acts as the project manager for all aspects of the conversion, including communication with vendors. Lexi has two conversions and a merger under her belt, plus another four conversions in process.
The most important thing to implement for a successful core conversion is to assign a dedicated project manager from within the credit union. This single point of contact will work closely with ESP's Conversion Coordinator to plan, coordinate, and implement all actions needed to perform the conversion. The credit union's project manager will be in the loop for all critical decisions within the process. A requirement for any credit union converting to ESP's FORZA is to meet with the Conversion Coordinator at least once per week. Multiple contacts per week are the norm.
The next thing that will make for a successful core conversion is roadmapping, the "strategic process of determining the actions, steps, and resources needed to take the initiative from vision to reality." This graphic calendaring approach lays out timelines, project deadlines, and deliverables. Careful planning and execution of the conversion roadmap ensure that launching the new platform will go off without a hitch.
The last thing necessary for a trouble-free conversion is to have a communication plan. Credit unions must communicate effectively with their members and staff members during the process. It is imperative that go-live dates, changes in third-party vendors, and any changes to online and mobile banking be shared. Important dates should be promoted in as many methods as possible. Emails, mailings, newsletters, inserts in statements, notices on online banking, popups on websites, and branch signage are excellent avenues for communicating the pending change.
In summary, having a credit union staffer tasked with managing the conversion, planning a project roadmap, and executing a communication strategy will make for an efficient core conversion.