One of the advantages credit unions have is being agile. They can pool their resources and create partnerships in order to bring new technology to members and differentiate themselves through unique digital services. A few member services in demand right now include bill pay, P2P, mobile banking apps that help simplify personal finance management. There is also demand for increased IoT interaction between devices and apps, and of course the ability to provide the best in cyber security. The key to success, again, is to be able to be flexible and have a core system in place with open architecture that can work with all third-party vendors, giving you the ability to choose best of breed products that are right for your members.
When your member services can quickly meet the changing demands members, with minimal friction, it leaves resources available for other areas. Core data processing vendors who open up to you are demonstrating their commitment to the partnership. If you are willing to invest in flexible technology, you grant yourself the freedom to choose what services you offer without worrying who offers them. Creating a better member experience is an investment for the future and it will position your credit union success and growth.