Conversions’ processes can be tricky for Financial Institutions, if not managed through a solid methodology and leveraging a deep knowledge of their technological key elements.
In the U.S., this expertise is driven through VisiFI, Deda Group’s company operating in the Credit Unions industry: a competence that the Group can offer to Financial Institutions on both sides of the Atlantic.
VisiFI recently worked with LincOne Federal Credit Union to manage the conversion processes that the organization needed to face because of their merge with a larger credit union, Peoples Choice FCU.
The merge’s goal was minimizing disruption to members while providing enhanced products and services.
Indeed, LincOne knew that selecting VisiFI as their technology partner ensured they would be using a more advanced technology system, including online and mobile solutions, resulting in a more proficient array of solutions and services available to members.
To ensure a smooth transition of the information and its correct placement into the new system, VisiFI worked on the different sets of data - such as savings, loans and personal data - by using a shared methodology: doing tests before going live with the new system. This was crucial to saving money and time in the deconversion process of the previous system. The shift was accompanied by training sessions held by VisiFI for the new employee team.
The new system brought efficiency to a more streamlined organization, including systems, processes, and data management.
Migrating a financial institution’s information system is a complex and structured process, which requires specific competencies. Thanks to the experience developed in years of activity, enclosed in Deda Group’s Migration Machine, the Group supports companies’ migration process in the Banking & Finance field, in Italy and in the U.S.