Great technology alone will not make a successful credit union. Storing every piece of transactional data won't either. Nor will having the most courteous member services representatives in the entire country. The truly successful credit unions are those that arm their staff with useful data and teach them how to leverage it, ultimately enabling them to not just serve their members, but add value for them. It's a formula for success.
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Complete Data
It's expected, and critical, to track all interactions a member has with a credit union, every transaction and inquiry. This is valuable data. But, with the right core technology, data can also be automatically integrated from a credit bureau, ID check, red flag and more, without requiring separate systems. This could mean a member is required to answer just a handful of questions to apply for a loan on the spot. Having all the pieces of data at the moment they are needed feeds the ability to offer relevant and personalized services at the moment they add the most value.
Modern Core Processing
Today's leading core technology providers have innovated to allow all channels in credit union operations to run through a single hub, from ACH distributions to loan applications. A modern core processor will also give a 360 degree view of each member, meaning all services, including shares, loans, certificates, IRAs, and HSAs along with maintenance for each, are in a single location all while a member is being served. The innovative functionality of today's best core processors is a boon to credit union operations, but it's still not enough for best-in-class service.
Informed MSRs
With complete data and a powerful core processor, MSRs are armed with the tools to serve members in an entirely customized way. From the moment a member opens an account, your data and core processor can provide MSRs with a workflow to navigate next steps and auto-populate information that would have been part of a separate, manual process before. Every time a member interacts with staff, your CU can have a complete picture of the member, including critical sales management information. Taking it a step further, utilizing a member onboarding strategy can provide additional tools for credit union staff to use as well to streamline the first year of membership.
Credit Union Success
A successful credit union relies not just on its technology, nor only on its member services representatives, to meet the full needs of its membership. Success for a CU is not just about the data, it's about how you use it. Read how one credit union matched technology enhancements to member demand, creating efficiency in serving members and utilizing the latest technology to compete in the marketplace.
