Top Credit Union Tech to Compete with Big Banks
Between 2005 and 2021, high-performing credit unions outperformed the financial services industry in terms of assets, loans, and even member growth. This is true despite the fact that those organizations only had less than $250 million in assets on average, and even though economic uncertainty caused by the Great Recession was prevalent at the time.
Which, of course, demands the question: how?
Big banks are "big" for a reason. They've got a seemingly endless amount of money to spend when it comes to attracting and targeting new consumers. More than your average credit union could ever compete with.
Thankfully, credit unions don't have to. Victory isn't won by outspending your competition. It's to be had in outthinking them and technology allows credit unions to do that in several essential ways.
How Can Your Credit Union Now Compete With Big Banks?
In years past, big banks had access to a bevy of resources most credit unions simply did not. That includes not only sophisticated core banking systems but also robust online banking capabilities, mobile banking apps, data analytics tools, fintech integrations, and more.
Now, things are more equal than ever. Credit unions have largely embraced both online and mobile banking. Core platforms like FLEX offer many integrations that help your credit union compete in the financial services industry. Everything from data analytics to advanced cybersecurity measures are available to virtually any organization, regardless of asset size.
Compete With Big Banks by Offering:
Thanks to technology, your credit union now has the power to match the speed of service that was once exclusive to big banks.
Gone are the days when competing with major financial institutions seemed impossible. With the right technological tools at your disposal, your credit union can effortlessly go head-to-head with any financial institution.
Tech that Promotes Speed:
Thanks to advancements in technology, financial institutions are now on an equal playing field. Your credit union can now effortlessly provide the same level of convenience that traditional banks offer.
Tech That Offers Convenience:
- Mobile banking app
- Early pay
- Remote deposit capture
- Digital account opening
- Digital lending
Fraud is one of the most pressing issues facing both credit unions and their members today. Thankfully, technology has allowed for more sophisticated, proactive fraud detection than ever before available to financial institutions of any size.
Top Fraud Security Tech:
- Identity authentication
- Identity verification
Your credit union can establish a competitive edge over big banks by harnessing the power of member data in inventive ways.
By gaining insights into individuals' financial backgrounds and spending patterns, your credit union can effectively cross-sell and upsell.
Access Data through:
- Member data
- Open-source data
Get Ahead Today: Prepare Your Credit Union's Tech Foundation
At FLEX, we believe that the only thing more exciting than how far technology has already taken credit unions is the potential that the next few years has in store for us all. That's why it's critical to make sure your organization's technological foundation is as stable as it can be today. It'll better position you to tap into that potential tomorrow.
We've recently authored a CORE Integrations eGuide that goes into detail about all the technology your credit union could need. To download and start reading your copy, click the button below.