Today's vendor selection process for credit unions has never been more important -- especially with the growing amount of companies out there vying for a CU's business. To get an inside look at this process, we invited Greater Iowa Credit Union Loan Operations Manager Nate Scott on the program. Nate shared step-by-step process of selecting a true partner — not just a vendor for its new loan origination solution (LOS) with the help from fine folks at CUengage.
Here's what we asked Nate:
What was the catalyst behind the decision to look for a new LOS?
What challenges did you face with your previous LOS and what did the new LOS need to solve?
How many vendors were on the list of potential candidates?
Were there any marketplace demands that dictated some of your requirements?
Can you explain your selection process to find a new LOS?
How did you narrow down your initial list?
What were your technology goals?
What were you looking for in a technology partner?
How did CUengage help with the selection process?
What executives from the credit union were involved in the decision making process?
What was the process for executive buy-in at the credit union?
What steps were involves in the final selection?
What advice would you give other credit unions looking for a new technology partner?
Check it out and let us know your thoughts. BTW: the winning LOS partner was TCI.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.