core banking system checklist for SACCOs

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The Only SACCO Core Banking System Checklist your SACCO will need.

SACCOs have realized they need core banking systems to effectively run their daily activities.

As a SACCO manager or executive, there are higher chances that you are actively involved in the procuring process of the SACCO core banking system.

Unfortunately, for you, the process is very tedious. However, if you use the free downloadable checklist we offer, the process will be seamless.

Yes, it’s free to download and you can use it internally for your processes.

Keep the below factors under consideration during the procurement process.


1. Flexibility to customize

You have internal processes that you would like the SACCO to achieve, aside from general SACCOs operations.

Most definitely, you will need a system that can be customizable to fit your needs both in the current and future business operations.

To get a clear picture of this, try to find answers to these questions from the prospective vendors.

  • Can the system be configured easily or does that require complex and technical processes from your end as a SACCO?
  • The process involved adding a new module eg Electronic Document Management System, and how quickly can that be completed?
  • Can the vendor show some examples of how other SACCOs have configured the system and how it benefited the SACCO?


2 Easy Integrations

A good SACCO core banking system for any financial institution should be able to integrate with other systems from third-party vendors.

For example, you may need a CRM integrated with the core banking system to better deliver services to your members.

Or, something like a mobile banking system.

In the event the system is incompatible, you will end up spending more and without getting any ROI from the system.

For better clarification on integration matters, ask the prospective vendor the following;

  • Can the vendor give you some examples of other popular applications, beyond their own, that seamlessly integrate with their system?
  • What makes their system superior in terms of integrations to third-party tools?
  • How long does the process take and what is required from the SACCO?


3. Business Intelligence and Analytics

The main purpose of business intelligence is to make better use of members’ data collected by the SACCO.

Is customer experience a major factor in your SACCO?

If that’s the case, then use business intelligence to make decisions that will help you improve the kind of services you deliver to your members.

You can clarify this with the following questions;

  • Does the core banking system provide a centralized member or product view?
  • Can the system help me improve marketing decisions?
  • Can I see individual products based on their performance in a given period of time?
  • Is it possible to restrict the data to authorized personnel only?


4. User Experience

The system should be as simple to use across all devices ie desktop, mobile & tablet, so your team can work more efficiently and spend more time focused on the members.

Under user experience, ask the following questions:

  • What makes the system easy to use for a non-technical user?
  • How fast can new employees typically be trained on the system?
  • Is the system as intuitive from a system administrator perspective and, if so, why?


5. Modern Technolgy

Are you planning to grow the SACCO for many years to come?

Definitely, the answer is yes. Unless otherwise.

Therefore, make sure that you procure a future-prooved system that will serve your SACCO forever without the need to change.

I would encourage you to go for a cloud solution, especially one with automatic updates.

Learn more here about the benefits of the cloud SACCO core banking system 

In this case, it is better you have your IT guy present to ask important technical questions ie.

  • Does your platform work on tablets and other mobile devices?
  • How often do you implement system upgrades?
  • How many APIs do you already have built out?


6. Compliance

Does the system help you comply with regulators such as SASRA?

SASRA requires SACCOs to share with them reports a number of reports regularly.

It is also important to note that the regulations do change with time.

Therefore, the core banking system should aid in compliance, with alerts and automation to help you respond to changing regulatory requirements conveniently.

Ask the vendor the following questions;

  • How far in advance do you drop releases before new measures go into effect?
  • What sort of support or education do you offer to prepare clients for upcoming changes?
  • What kind of alerts or workflow enhancements are built into the system to ensure compliance?


7. System Security

System security is one of the core aspects you should consider.

Aside from your internal cybersecurity measures, the vendor should also provide you with measures you should take to secure the system.

Also, find out from the vendor if they are working with cybersecurity specialists and if they are capable of handling any form of cyberattack.

Make sure you download a free SACCO system cybersecurity checklist.


Every SACCO needs a core banking system in order to smoothen its operations

But, procuring the system is one thing, the process is a whole different thing.

If you use this guide, for sure you will be able to make better decisions and get the right core banking system for your SACCO.

All the best!



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