Like so many technology initiatives, it seems that every vendor appears to do the
same thing. As the saying goes…the devil is in the details. Interestingly, many of
these details may not seem important (much less apparent) until after the agreement
is signed. Not every question listed below is necessary or important for your
institution. The key point is; on features that are important, nail down the “how”
and the “how much”. These important elements should not be left to a checkbox on a
spreadsheet. Instead, consider a few of the questions that will apply…
Will the system reside at the institution or at the vendor?
Does the MCIF have data cleansing routines that improve the quality of your account data,
prior to Householding?
Will the software Household both Retail and Commercial (business) Households independently?
Can you perform research at the Account, Member/Customer, and Household levels
within the same query/filter?
Will the profitability model in the MCIF balance back to the General Ledger?
Can the MCIF’s Profitability be customized for your institution to include margin
allocation, and account for account specific activity-based costing (transaction data)?
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