open bankingIt's a bird! It's a plane! It's the ability to give your members the power to control their financial fate with convenient access no matter where they are! While it may not be a super power you've heard of before, it is one that will give your credit union the ability to serve your members leaps and bounds ahead of others while staying competitive with powerhouse financial institutions. Here are a few of the super powers your credit union can gain by using a powerful core processor featuring an open application interface.

Omniscience

See all, know all. Omniscience is the capacity to know everything. The key to open banking, and the open API infrastructure, is the tearing down of the "walls" between different services and data. All of the pieces of information about a member, from transactions to loan certificates, can be accessed from a single point. For members, this gives them faster access to funds, financial resources, and payment options. For member service representatives, this provides them with a 360 degree view of the member so they can identify the right services and products that would fit the member's needs. 

Omnipresence

Omnipresence is described as the ability to be present everywhere at the same time. For a credit union, using a core with an open API, this means the ability to provide services through any device or application--from in-branch to on a smartphone--at any time of day in a way that is seamless for the member. Members want to be able to conduct a full range of financial business on their terms, and this power allows you to provide just that. 

Precognition

Precognition is the power to see into the future so you can be prepared for what is to come. Modern core providers will provide their clients with this ability by always being a few steps ahead of the trends and having features built into their core processing technology that will support them. Another major benefit of the open API model is built-in agility to change or add integrations as needed. You'll know what your members will want before they've even asked for it. 

Suit of Armor

While Iron Man has a protective suit you can see, core technology armor is more under the hood. Security-minded core providers have addressed cybersecurity issues such as non-SSL (insecure) links, identity attacks (where hackers use the name of the API to gain access to data), and man-in-the-middle attacks. A good core provider will have their own cyber protection in place as part of their structure and is prepared to protect a credit union and its members from attacks and hackers.

While your core processor may not give you the ability to fly faster than a speeding locomotive, it can give you a set of powers that allows you to serve your members in a super way. Learn more about the super powers FLEX provides in our Core Integrations eBook.

FLEX Core Integrations eBook

Topics: mobile apps, Core Integration, API, application program interface

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