Many credit unions take every opportunity to save money. Oftentimes, this not only allows credit unions to run a leaner and more efficient organization, but it helps to streamline things on behalf of their members, too.
However, it's important to note that immediate cost savings may not always be the most effective approach. Implement the right technology that will give your credit union the greatest return on investment without compromising the member experience.
In this article, we'll uncover the ROI for:
Maximize Member Value: Embrace Essential Core Processor Features
ID Authentication
If you had to make a list of common pain points for most credit unions, the risk of fraud would undoubtedly be right at the top. Thankfully, ID fraud detection has over a 200% ROI.
ID authentication helps to relieve this by quickly confirming someone's identity prior to opening a new account, getting approved for a loan, or utilizing similar services. Everything is handled right online, and the process is as fast as it is efficient--saving money and giving your members the convenient experience that they want.
Cloud-Based System
Credit unions depend on innovation to remain competitive, and innovation depends on technology. That's why, if your credit union hasn't already gotten rid of outdated legacy systems and replaced them with a cloud-based system, now would be an excellent time to do so.
Cloud-based systems deliver an ROI of four times more than the traditional in-house solution. This means long-term money savings for your credit union.
Right away, your credit union can spend less on hardware and infrastructure. By its nature, the cloud also allows for significantly improved collaboration and productivity--which gives way to the faster deployment of new digital services as well. The cloud can help your credit union save time and generate more revenue.
Electronic Signatures
Electronic signatures allow your credit union to not only create and send agreements, but also customize them and allow people to securely sign them as well. These features are the reason why eSignatures produce up to a 30% ROI.
Again, this is a way to lean into the major selling point of a credit union: convenience. For members, they can sign all documents during the loan process in seconds. For your credit union, those digital documents can make their way from sales to human resources to the loan department and beyond far faster than ever before. This saves not only a tremendous amount of money, but time as well.
Mobile Banking
Mobile banking presents a range of conveniences, offering users instant access to their accounts for transactions, balance checks, and bill payments. This boosts customer satisfaction, fostering loyalty and retention. Moreover, its cost-effectiveness and minimal infrastructure requirements lead to a substantial Return on Investment (ROI) for financial institutions.
According to Forrester, mobile banking apps yield an average ROI of 15.7%, underscoring their financial viability. This digital approach also enables data-driven insights, enhancing service personalization. In essence, mobile banking enhances customer experiences while providing a lucrative avenue for institutions to optimize resources and reap significant returns.
Data Analytics
Embrace data analytics to unlock remarkable benefits for your credit union. Nucleus Research highlights the potential—every dollar invested in data analytics yields a customer-generated return of $9.01, magnifying your ROI. Gain deeper insights into member behavior, enabling personalized services and improving decision-making.
Harness the power of data to streamline operations and drive growth. With each investment in data analytics, you lay the foundation for informed strategies and efficient resource allocation. Nucleus Research reveals that this translates to a substantial ROI, exemplifying the pivotal role of data analytics in propelling your credit union's success.
Harnessing Savings: Maximizing Long-Term Impact and Growth
Once your credit union starts saving money, it's important to understand the long-term impact. With efficiency gains and improved ability to serve members, your credit union will likely come out ahead in the long run. This applies to other ways of leveraging the capital, such as expanding services or increasing marketing efforts to attract more members in the future.
At FLEX, we've recently authored an Integration eGuide to help your credit union leverage the power of solutions like those mentioned above. Click the button to download the eGuide. Contact us today to discuss your credit union's long-term strategy in more detail.
