What is a Core Conversion? (Informational Version) - Letter
Dear [Customer’s/Member’s First Name],
We are excited to announce that we are converting to a new core banking system starting on [INSERT DATE] through [INSERT DATE]. We decided to change our core system so we may continue to provide you with safe, secure products and services all while utilizing the newest technology.
While our core conversion will mostly be happening behind the scenes, there will be times where it will affect some of the services you may use. We will keep you up-to-date on when and what will be affected so that you will be prepared. We also want to provide you with more information on what a core conversion is and why we are doing it.
Our core processing system, also known as a core system, is the software that manages our major banking functions. These functions include:
Opening and managing accounts
Originating and serving loans
Processing cash deposits and withdrawals
Maintaining account holder information
Why the New Core?
In an effort to improve our services, efficiency, and accommodate growth, we are upgrading our core system. Our new core system will allow us to offer you more capabilities, offerings, and enhance your experience with us.
New Business Hours?
[INSERT TIME AND DAYS THAT WILL BE IMPACTED BY CORE CONVERSION PROCESS]
We are looking forward to the new changes, and we hope you are too. If you have any questions, we encourage you to contact us at [INSERT PHONE NUMBER], visit our website at [INSERT WEBSITE URL], and “Like” us on Facebook. We will be available [INSERT DAYS AND HOURS ACCOUNT HOLDERS CAN CALL]. You may also come into any of our branches. Our staff has been trained and is prepared to answer any questions you may have.
[Name] [Title] [Bank or Credit Union Name]
Letting your account holders know what a core conversion is and why you are doing it will help them understand the process. This letter will help you address those points.
Product/Service: System Conversion
License:Free for Commercial Use
Note: Compliance related items not included, as they differ for banks and credit unions.