The credit union landscape is evolving faster than ever. While many credit unions have invested significantly in modern digital banking and account opening platforms, their core lending platforms often lag, accumulating technical debt. This gap hinders innovation, impacts efficiency, and increases operational risk. Leading lending lifecycle platforms, such as the Temenos Lifecycle Management Suite (LMS), have received substantial upgrades in recent years, enhancing features for loan origination, servicing, collections, and recovery. However, many credit unions operate on older versions, facing potential technical challenges, jeopardizing vendor support, and missing out on crucial modern functionalities.
For years, Temenos LMS has been a preferred, comprehensive lending platform for credit unions in the U.S. and Canada, covering the entire lending lifecycle from application to resolution. Upgrading to a recent, supported version offers significant advantages, including innovations like the Temenos Digital Collector (also referred to as the LMS Client Portal in some contexts) – a modern self-service portal designed to streamline collections.
Reasons you May Need a Temenos LMS Upgrade
While the general pressures of evolving member expectations and regulatory demands are important, several specific operational indicators strongly suggest it might be time for your credit union to upgrade its Temenos LMS platform:
- Your Temenos LMS Platform is More Than Two Versions Behind: Operating on a significantly older version means you are missing out on substantial feature enhancements, critical security updates, performance improvements, and new functionalities (like advanced automated decisioning or enhanced self-service portals) introduced in recent releases. Furthermore, staying current ensures continued vendor support and reduces the risks associated with operating on potentially unsupported software.
- You Are Experiencing Performance Issues or Downtime: If your team is frequently hampered by system slowness, lags during peak hours, or unexpected downtime, it’s a clear sign your current platform version may be struggling to keep up with modern demands. Upgrading often brings performance optimizations designed for current operating environments and data volumes, leading to improved stability and staff productivity.
- Your Current Temenos LMS Platform is Not Supporting Your Evolving Lending Needs: Does your current version lack the specific features or flexibility required to implement new lending products, adopt more sophisticated collection strategies, integrate smoothly with other vital systems, or meet specific compliance requirements? If your platform is hindering rather than enabling your strategic goals, an upgrade can provide the necessary capabilities.
- You Are Considering Switching to Another Collections or Origination Platform: Before undertaking a potentially lengthy and expensive procurement process to replace Temenos LMS, consider if the issues prompting this move could be resolved by upgrading. Often, the limitations experienced are specific to older versions of the platform. An upgrade can deliver the needed functionality and performance improvements more efficiently and cost-effectively than a full platform migration, leveraging your existing investment and eliminating the need for retraining.
- Your Credit Union is Using Jack Henry Symitar Core: Temenos LMS was updated to support the latest SymXChange connector to ensure seamless support and strong performance for credit unions running Symitar. The new seamless integration ensures continued support and avoids potential performance issues with older versions of LMS. Credit unions running Symitar can take advantage of this seamless integration simply by upgrading to the latest versions of LMS.
Temenos LMS has been one of the leading loan lifecycle management platforms for credit unions for years for a reason. It offers a comprehensive and efficient platform that streamlines key processes such as collections and loan origination. The latest versions of LMS offer excellent performance and modernized features like workflow enhancements and the Temenos Digital Collector, self-service portal.
Key Benefits of Upgrading to the Latest Temenos LMS
Upgrading to a current version of Temenos LMS provides several key advantages for your credit union’s lending operations:
- Access to Temenos Digital Collector: Utilize this modern self-service portal designed specifically for collections. It aims to streamline the collection experience for your borrowers through convenient online options while potentially reducing the administrative burden on your collections team.
- Ensured Platform Support: Maintain standard vendor support for your critical lending platform. Operating LMS instances that are more than two versions behind the current release may risk losing access to vendor support, security patches, and necessary compatibility updates.
- Improved Performance and Stability: Benefit from system enhancements included in newer software releases. Upgrades often incorporate performance optimizations tailored for current operating environments and data loads, potentially resulting in improved system responsiveness and stability for your staff.
- Latest Enhancements to Automated Workflows: Leverage the most recent improvements Temenos has implemented regarding workflow automation capabilities within LMS. This can help increase efficiency in key processes across the lending lifecycle.
- Optimized Symitar Core Integration: For credit unions using the Symitar core banking system, upgrading provides access to the latest iterations of the dedicated SymXchange connector. This is crucial for maintaining seamless data exchange, ensuring compatibility, and optimizing performance between LMS and your core platform.
- Option to Migrate to the Cloud: Position your credit union for the future by migrating your LMS instance to Temenos Banking Cloud. Upgrading to a current, compatible version is often a necessary step to take advantage of Temenos’ cloud hosting options and associated benefits like scalability and reduced infrastructure management.
- Avoiding Technical Debt: Keeping your critical platforms current is an important principle to avoid accumulating costly technical debt, which can hamper productivity and increase costs down the road.
Lending is a critical component of every credit union’s business. The experience you provide your members during this pivotal time in their financial lives directly influences their trust and overall relationship with your credit union. Ensuring your lending platform is supported, stable, efficient, and offers modern conveniences like the Temenos Digital Collector through an LMS upgrade demonstrates a commitment to providing reliable support when members need it most.
Choosing Your Temenos LMS Upgrade Partner
Successfully navigating a Temenos LMS upgrade requires a partner with not only specific platform expertise but also a broad understanding of the interconnected credit union technology ecosystem. Accutive FinTech stands out as an established, certified Temenos partner, that brings extensive experience that extends well beyond LMS implementations and upgrades, specifically within the North American credit union sector.
Our deep understanding of the credit union landscape is coupled with specialized expertise across a range of critical Temenos solutions and related areas, including:
- Comprehensive Core Banking Integration Strategy & Execution: Ensuring seamless data flow between Temenos platforms and various core systems, including Jack Henry and Fiserv cores.
- Digital Account Opening and Onboarding Solutions: Implementing and optimizing modern, efficient member acquisition processes.
- Loan Origination Systems (LOS): Deep expertise in optimizing and integrating loan origination functionalities, whether within LMS or other specialized platforms in the Temenos sphere.
- Temenos Lifecycle Management Suite (LMS): Proven capabilities in implementation, upgrades, tailoring, and support for collections, recovery, and origination.
This holistic view of your potential technology stack allows us to approach your LMS upgrade strategically, ensuring it aligns with your overall digital transformation goals and integrates effectively with other critical systems. Our services include:
- Strategic Guidance: Guiding your upgrade journey from initial assessment and planning through configuration, rigorous testing, and successful go-live, considering the broader operational impact.
- Expert Tailoring: Leveraging our deep understanding of both LMS capabilities and broader LOS best practices to tailor the Temenos LMS platform – including its origination modules and the Client Portal / Digital Collector functionalities – to precisely meet your credit union’s unique requirements.
- Seamless Integration: Expertly managing core banking integration, including optimizing the SymXchange connector for Symitar cores, ensuring reliable data flow and high performance based on our extensive integration experience across various platforms.
- Comprehensive Support: Providing thorough post-upgrade support and optimization services, drawing on our full-service capabilities to help you maximize the return on your entire Temenos investment over the long term.
Accutive FinTech has successfully completed over 70 LMS upgrades for credit union and banks in the U.S. and Canada. Choosing Accutive FinTech means partnering with a team that understands the nuances of credit union operations and possesses the wide-ranging Temenos expertise necessary to make your LMS upgrade a success that contributes positively to your larger technology framework.
Getting Started with Your LMS Upgrade
Your credit union members often engage with your loan origination and collections systems at pivotal, or challenging moments in their life. Ensuring that your members experience is as seamless and stress-free as possible is critical for maintaining and strengthening your member relationships. Enhancing the collections process, which is typically the most difficult for a member, with a seamless self-service portal like Temenos Digital Collector that reduces the need for manual collections efforts improves their experience. At the same time, it also reduces costs and increases collections revenues for your credit union. Accutive FinTech can help your credit union take advantage of Temenos Digital Collector and ensure that your platform remains supported with our no wait LMS upgrades.
