When two financial institutions pursue a merger or acquisition, one of the most complex challenges involves integrating their disparate data and image systems effectively. The stakes are high. Traditional data conversion projects can often cost in excess of $40,000 to $60,000 or more, while ongoing maintenance of multiple legacy systems can drain thousands of dollars annually in licensing, upgrades and support costs.
Not all mergers and acquisitions follow the same path, but the challenge of consolidating systems and data presents consistent difficulties across all organizations. The process requires careful planning and strategic implementation to ensure success, particularly when dealing with check images, document archives, cold reports and other legacy data that may span decades of member relationships.
The process doesn’t have to be problematic, contentious or even expensive. With proper guidance and strategies established in advance, integration can proceed smoothly and successfully for all stakeholders while maintaining high levels of member service and operational support.
To read more, visit Credit Union Times.
