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FINANCIAL CORE STRATEGIES
Unlock your Credit Unions Core System Selection
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learn more about rick shockley
Rick has 45 years of serving the Financial Industry, he has worked exclusively with Credit Unions, Community Banks and De Novo institutions. His experience includes spending 5 years with Ernst & Young where he led a consulting practice serving the Community Bank industry.
Rick's tenure includes holding Senior Management positions in Conversions, Consulting, Sales & Marketing and Executive Account Management. He has provided project management and consulting for over 100 Credit Union and Bank conversions. His clients have ranged from $3 billion in assets to De Novo institutions.
Rick has extensive experience in facilitating strategic planning board retreats and on-site planning sessions with a host of Financial Institutions.
He is a past chairman and board member of the Credit Union Executive Society’s Financial Suppliers Advisory Forum and is published on Disaster Recovery Planning in Credit Union Management.
Although in all the years of experience within the Financial Industry, by far the most rewarding achievement has been the establishment of Financial Core Strategies (FCS). Rick had always envisioned combining his passion for the industry, extensive knowledge and relationships to offer clients the flexibility and affordability in the search to meet their organizations Core strategic plans.
FCS is more than a job, it is a dream realized and a life commitment. FCS bases its strength on the commitment of excellence to its clients as well as maintaining critical relationships within the Financial Industry. Driven by integrity and focused on providing clients with the highest level of services at an affordable cost. The success of FCS relies squarely upon its reputation within the Financial Industry. The focus has always been on the clients and the success of the projects they have engaged FCS for.
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FCS will help you evaluate the latest technology to streamline your business processes, improve efficiency, and increase productivity. FCS will help you identify the right systems to meet your needs. FCS has conducted over 45 Credit Union core selection projects. Sample References are included below.
Money Federal Credit Union - Core System Selection Project
“We were very pleased to have worked together with FCS on our core exploration. Thinking, initially that we could navigate this process on our own quickly had us realizing that we didn’t’ have a clue what we were getting ourselves into. So glad we turned to FCS for their knowledge of the players and their guidance throughout the project.”
“Finding the right partner to help us through the process was just as important as finding that right partner that best fits our data processing needs, and I truly believe FCS was instrumental in our final decision. I know we would have been lost without utilizing FCS and that may have resorted to deciding to take the easy way out and stay put. Instead, we’re looking forward to next year. Excited to be working with our new partners.” -- Bruce LaGrow, President/CEO, Money Federal Credit Union (Syracuse, NY) Assets: $43 (M)
Mutual Security Credit Union - Core System Selection Project
“FCS was engaged to provide Mutual Security CU with expertise in helping us determine our needs, priorities and evaluate core systems. The results of working with FCS were very positive for us. They brought organization to the process of determining our needs and priorities. This would have been a complicated task had we not had a structured approach to the evaluation and prioritization of the numerous components.”
“When our priorities were established, FCS was instrumental in helping with the RFP and scoring system to evaluate which core vendors could meet our requirements. Rick’s skills were vital when working with the vendor to help interpret their response to our need. The clarity he brought to the RFP’s made the initial evaluation a much more organized and logical process. The scoring method that FCS helped us implement allowed us to be objective regarding the proposals. We were confident that we were comparing like processes that enabled us to properly evaluate each core processor. When we narrowed the field to two systems and began to compare cost and terms for each, FCS again helped insure the information was complete and objective.”
“When we established our first choice we spent many hours with Rick determining how to approach-negotiate the individual cost components. As the negotiator he was able to help us achieve a fair price which more than paid for the consulting fees. We are very pleased with the value FCS brought to the process and certainly believe they saved us significant time and money leading to our decision.” -- Larry Holderman, President/CEO, Mutual Security Credit Union (Shelton, CT) Assets: $258 (M)
NorthPark Community Credit Union
- Core System Selection Project
“Our Credit Union contracted with FCS to help us evaluate prospective core data processors. Rick has a solid reputation with the credit union movement. Rick’s industry knowledge was a tremendous benefit to our Search Team in understanding technical jargon and vendor strengths and weaknesses.”
“We felt Rick’s greatest value came from his assistance with contract and price negotiations. His experience helped us negotiate a very fair price and additional contract considerations. The cost of contracting for FCS services was easily repaid many times over with the final contract terms.” -- Dan Robbins, President/CEO, NorthPark Community Credit Union (Indianapolis, IN) Assets: $64(M)
Perfect Circle Credit Union - Core System Selection Project
"Perfect Circle Credit Union (PCCU) Management and Board decided that a change of core processing systems was required to meet the strategic plans they had established. We contacted Financial Core Strategies (FCS) to assist us with the evaluation.
FCS conducted their core selection methodology which greatly reduced our anxiety with the ease of the process. FCS made sure that we were not focused on the vendor staff but instead focused on the features of the system being presented. We felt like FCS was on top of everything and had our best interests constantly in mind. They were able to include all of the Credit Union’s stakeholders in the process which in the end resulted in a unanimous decision on our new core processor. Overall, we are confident that we selected the right system for the future of Perfect Circle Credit Union." - Lisa Dykhoff, President/CEO, Perfect Circle Credit Union (Hagerstown, IN) Assets $52(M)
Prestige Community Credit Union
- Core System Selection Project
"Rick Shockley did an outstanding job of helping Prestige Credit Union through the process of finding a new core processing system. His knowledge about different vendors/system and what they have to offer is very impressive. From systematically narrowing down the best core system candidates, to assisting us with system presentations and on-site visits, to price negotiations, and finally contract negotiations, we could not be more pleased. We truly feel we selected the best core system to meet our needs and Rick helped us get the core system at the best possible price. Rick gave honest, non-biased advice throughout the entire process." -- Sammy Shanafelt, President/CEO, Prestige Community Credit Union (Dallas, TX) Assets: $83 (M)
Reliant Community Federal Credit Union
- Core System Selection
"FCS provided valuable insight during our core evaluation process. In the very early stages, FCS facilitated discussions with our team to help us identify what we really needed from a core vendor. Without the help of FCS scheduling on-site demonstrations and providing the necessary guidance on identifying the most suitable partner for our organization it would have been much more challenging and required valuable internal resources. FCS helped to make our core evaluation process a success." -- Pamela Heald, President/CEO, Reliant Community Federal Credit Union (Sodus, NY) Assets: $364 (M)
School Employees Loraine County Credit Union
- Core System Selection Project
“School Employees had made the decision to conduct a Core System search in order to find a solution that would be a better fit for our current and future goals. We choose to partner with FCS to help us in this important project. I was very pleased that FCS had the extensive industry background that allowed us to review not only well known vendors but also ones that we were not familiar with therefore providing us with a full range of selection options that would ultimately result in a good fit for us as a new Core Data Processing partner. FCS was instrumental in arranging site visits which allowed us to gain a full perspective on the features/functions of the system in action and talk to the CU personnel to get their candid assessment of the system.”
“Finally, we relied heavily upon the expertise of FCS when it came to pricing and contract negotiation. As I have no industry comparison of my own it was of great benefit to know that Rick does this for a living and knows the specifics that resulted in mutually acceptable terms for both parties.” -- Brent Binkley (previous) President/CEO, School Employees Loraine County Credit Union (Elyria, OH) Assets: $145 (M)
Summit Credit Union - Core System Selection Project
"Financial Core Strategies helped us get staff involved in the process from the very start and coordinated the entire RFP and contract negotiations process. Having a knowledgeable firm from outside the Credit Union to work with was invaluable. Money well spent." -- Sam Whitehurst, President/CEO, Summit Credit Union (Greensboro, NC) Assets: $164 (M)
Tech Credit Union - Core System Selection Project
"Tech Credit Union hired Financial Core Strategies (FCS) to assist the Credit Union in evaluating whether to extend its current core contract or convert to an alternate core system. FCS met with our Team and developed a Request for Proposal. We mutually agreed on a group of core systems to provide proposals for Tech that would best meet our needs now and in the future. Once proposals were received, FCS prepared a comprehensive Vendor Analysis document for the Tech Team members. After an initial round of demonstrations, the list was narrowed to our top three and those companies were invited back for extended demonstrations focusing on specific requirements of the Credit Union. FCS coordinated all vendor demonstrations and participated in each meeting. While in the end we did agree to a short-term extension of our current contract, it was very beneficial to gain a better understanding of core systems we will consider in the future. Throughout this process, we appreciated Rick’s considerable years of industry experience and vendor knowledge." - Mike Hussey, CEO, Tech Credit Union (Crown Point, Indiana) Assets: $326(M)
Cornerstone Community Federal Credit Union
"We engaged Financial Core Strategies (FCS) for our core processing system evaluation. Rick Shockley is very knowledgeable of the industry and the core processors out there, reasonably priced and walks you through the whole process. He did not guide us to one processor over another but helped us understand the pros and cons of each one." -- Ann Hood, President/CEO, (Retired)(Lockport, NY
Assets: $366 (M)
Countryside Federal Credit Union hired Fin“ancial Core Strategies (FCS) and engaged Rick Shockley to assist the Credit Union in evaluating new core data processing vendors. Although we had the internal expertise to conduct such a project, we learned from other Credit Unions that used FCS that the value of Rick’s experience in the Credit Union data processing industry would more than pay for the cost of the project."
"FCS developed a Request for Proposal (RFP) customized to our requirements and issued it to 5 vendors. He took all the sales calls and questions regarding the RFP which kept vendor interruptions out of the Credit Union. Once we received the vendor proposals FCS created an application scoring and price model for our review. We selected our top 3 vendors from this document and FCS scheduled on-site product demonstrations based on our availability. Rick attended all the presentations and knew what questions to ask of the vendors. Following demonstrations we selected our desired new partner for core processing. FCS led the price negotiations which resulted in a very fair 5 year price point for us. Rick then reviewed all contractual agreements and outlined concerns and areas requiring further negotiation. We recognized a multiple return on the project cost and feel confident about our selected new core data processing partner."
“Overall, we found Rick to be extremely valuable to our project in; reduced staff time, the structured review of the vendors, his industry knowledge and negotiating abilities. He is also enjoyable to work with and kept our Credit Union’s interests as his number one priority.” -- Gerd Henjes, President/CEO, (Retired) (Syracuse, NY) Assets: $133 (M)
Family Horizons Credit Union and Kemba Indianapolis Credit Union - Joint Core System Selection Project“
In the spirit of Credit Unions collaborating, Family Horizons Credit Union and Kemba Indianapolis Credit Union decided to evaluate the benefits of processing on a common core system. Both CU’s share an overlapping market, have similar interests and a desire to share resources to reduce expenses and create efficiencies whenever possible.”
“We contracted with FCS to coordinate and lead the core system selection project. FCS met with each CU independently to seek out our unique requirements. The requirements were incorporated into a Request for Proposal (RFP) that reflected both CU’s requirements and released to an agreed upon pool of core system providers. Once the RFP’s were returned, FCS evaluated and scored the responses again based upon each CU’s unique requirements. FCS produced pricing models for each CU based on our processing volumes and specific application requirements.”
“As we narrowed our focus to our selected core systems FCS advised us on price negotiations that resulted in financial agreements that benefit each CU both now and in the future. The contracted savings greatly outweighed the cost of the project. Once pricing was established FCS took the lead in contract negotiations with close consultation with each team leader. FCS reviewed the contacts and again advised as to changes and additions to protect the CU. Both CU’s will be converting to the same core system.”
“This was a challenging project that would have been very time-consuming had FCS not taken the lead and directed the project.” -- Keith Wright, President/CEO, Family Horizons Credit Union (Indianapolis, IN) Assets: $91 (M) and Karla Salisbury, President/CEO, Kemba Indianapolis Credit Union (Indianapolis, IN) Assets: $66 (M)
"Financial Builders Federal Credit Union contracted with Financial Core Strategies (FCS) to assist the Credit Union in a search for a core system to meet our long-term strategic plans. Rick Shockley, President at FCS was our Project Leader.
FCS met with us to determine what we wanted and needed in a core system, developed a Request for Proposal and then we mutually agreed upon which companies to include in our search. Once we received the vendor proposals, FCS presented us with a comprehensive but still very easy to understand Vendor Evaluation document comparing the four core systems we determined would best match our needs. Included in this document were the initial pricing proposals from each vendor. These were presented in a format that we could easily compare vendor to vendor which made our task at hand so much easier.
Throughout the project, Rick fielded all vendor phone calls which relieved me of having to deal with any Salesmen, which was a tremendous blessing. When it came time for price and contract negotiations Rick took the lead in both and made sure our interests were priority one. Rick’s knowledge and years of experience within the industry was invaluable to us during this stage.
Finally, Rick totally put us at ease, and knowing his expertise on the different systems, I could totally trust his opinion and know it would be for the best interest of our Credit Union, which made the whole process a lot less stressful." - Cindy Brock, CEO, (Retired) Financial Builders Federal Credit Union (Kokomo, Indiana) - Assets: 86(M)
Firefighters Credit Union - Core System Selection Project
"Rick's experience in the financial industry proved to be invaluable during our selection process. He knew what questions to ask and how to interpret the answers. The entire process was handled very professionally from start to finish. Rick gathered information from all department which he used to create a RFP that addressed our particular needs. The responses to the RFP were presented in an concise and easy to understand manner which allowed us to select the appropriate vendors for product demonstrations and site visits."
Link Federal Credit Union - Core System Selection reviewed our strategic plans for Link FCU and decided that our current data processor could not provide the support we needed to meet those plans. We contracted with Financial Core Strategies (FCS) to conduct a core system evaluation for the Credit Union.
As a team we met with Rick Shockley, President FCS, and reviewed our plans, future requirements and core features required to serve our Members. From this discussion FCS customized a Request for Proposal (RFP). They worked with us to determine those companies to submit the RFP to and then fielded all the vendor calls and questions which freed our staff up to do our daily duties.
Once the RFPs were returned FCS evaluated and scored each one to our requirements. They provided each of our team a Vendor Analysis document that contained side-by-side comparisons of each companies responses and a price model. We mutually narrowed the field to two companies and FCS scheduled onsite demonstrations.
Following demonstrations, we conducted site visits and additional webcasts and finally selected our new data processing partner. FCS took the lead in price negotiations which resulted in cost savings well above the cost of the consulting project. They then led the contract negotiation process which has provided the Credit Union with a mutually beneficial agreement as we move forward with our new partner. (Link since merged with another local Credit Union)
Once our Credit Union decided it was necessary to begin a search of Core Data Processors we determined it would be in our best interest to reach out to a firm specializing in this area. We chose Financial Core Strategies to assist us with this important project based upon their years of experience and exceptional client referrals.
We found that Rick Shockley’s depth of industry and vendor knowledge was key throughout this project. It was clear that FCS had our best interest in mind and was instrumental in conveying our specific needs to the vendors. This was especially evident during vendor demonstrations. FCS scheduled and attended all vendor demonstrations and was vital in not only keeping all of the vendors on a level playing field but making sure our specific goals were being addressed. Probably the most significant benefit of utilizing FCS was Rick’s role in contract and pricing negotiations. His extensive industry experience was crucial in SageLink Credit Union reaching a mutually beneficial agreement. Having his involvement in that specific piece of the project took a lot of additional stress out of the process and allowed us to confidently select our new data processing partner. - Ms. Anna Wison, President/CEO SageLink Credit Union, Assets: $169 (M), Members: 19,049 (Credit Union has since merged)
