Things to Consider When Switching Form Vendors


Credit unions switch form vendors for several different reasons. Some vendors can be more cost-effective. Others offer more resources for compliance support. And some form providers create documents that just plain look better aesthetically. Whatever the reasons are for your credit union to consider switching form vendors, here are some things to consider from a core software perspective.

Form providers (CUNA Mutual Group, Securian, Oak Tree, etc.) have different pricing structures. One of your first steps should be to shop around with different vendors to see which one you’d like to use. Find out exactly which forms you need to support your lending and share/deposit documentation needs, verify that the vendor can support those needs, and then see how much it would cost. This step should narrow down your search considerably.

It’s a good idea to establish an effective date. One of the factors that will play into setting that effective date is the turnaround time. Turnaround times for forms can vary throughout the year depending on how many forms programming projects are in the pipeline. Check both with the form vendor and your core processor to see what turnaround times look like when you’re planning the switch.

Consider a hybrid solution. You don’t need to be committed to a single form provider for your document strategy. You may have payment protection documents through a specific provider, but the rest of your forms come from another provider. It’s perfectly fine to have forms programmed in the core from multiple vendors.

What if a form vendor doesn’t offer the form you need? Consider creating the form internally. You’re able to draft form templates internally (through Word, Adobe, Excel, etc.) and have forms programmed in the core system using those templates. Although keep in mind that with this solution, your credit union is taking on the responsibility for monitoring the form(s) for compliance with internally created forms.


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