Scorecard eases core provider selection process

By Adam Mertz08.09.2017

Choosing a new core processing system is a daunting task.

But Long Beach (Calif.) City Employees Federal Credit Union significantly improved the experience by using a scorecard that measured various providers’ strengths and weaknesses in relation to the needs, mission, and strategic goals of the $307 million asset organization.

The scorecard covers five main categories: vendor philosophy and track record, desired core system functionality, reporting capabilities, conversion impact, and fee schedule and pricing. Long Beach City Employees rated the importance of the subcategories underneath those headings to generate a points system for head-to-head comparison.

“This was a tool upper management brought to us,” manager of administration Kelly Fair says. “It takes a lot of time to see the demos, conduct site visits, and all of the other commitments that go into a conversion. We wanted to make sure that we could agree on the factors that went into the decision.

“We went back and evaluated each of the potential new core systems in the same way so there would be no bias—so we were really choosing a provider for the right reasons,” she adds.

The credit union created two other documents to complement the scorecard:

  1. A “level of integration” chart to gauge functionality with 30 desired features, such as debit signature processing, remote deposit capture, indirect lending, and asset-liability management.
  2. A side-by-side chart that directly compares an even more detailed list of current credit union functionality with the capabilities a vendor provides.


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