In September of last year, after much deliberation and research, we entered into a contract with Bradford-Scott Data Corporation (BSDC), designers and creators of Sharetec System, a new core banking system for credit unions which we will be adapting and fully migrating to on August 1, 2019.
In recent years, following the streamlining and re-focusing of our credit union, we have come to realize the numerous shortcomings of our current system and its difficulty to adapt quickly to a dynamic and ever-changing banking industry and the high expectations of our membership. Its older technological features made it increasingly difficult for our staff to meet the service demands of our membership as well as our reporting obligations to our regulators; moreover, its high susceptibility to human interference and manipulation, may have at times, compromised the quality and integrity of our reports.
In an effort to guarantee the migration of the best quality data and the most updated information, we have embarked on the cleaning of our entire system, removing unnecessary data such as closed accounts, accounts with negative balances, and accounts of deceased persons. We have also initiated on a complete and comprehensive revamping and re-classification of our entire loan portfolio to better portray to our membership, management and our regulators, a truer picture of our investment, portfolio quality and risk concentrations. You can also expect new features in our system, such as improved home banking and online services, the introduction of e-notices and alerts, improved transaction recording and receipting, and timely notices of promotions, events and other important information.
Our goal is to be able to convert to this new system starting August 1st, 2019 with as little disruption and discomfort as possible, though we do not completely discard the possibility of occasional glitches and challenges which we hope to resolve on a timely basis with the technical backing of BSDC and our in-house technicians and your continuous and unfailing support and understanding. We hope to have our entire new system fully up, running and creating a better member experience for our esteemed members by August 5, 2019.