Your members live in a modern world where they are reliant on technology and the internet. Technology has taught us that we can expect almost anything to happen instantly. Ordering lunch, getting a cab, texting a friend, selling stock, applying for a job... these can all be done in a few clicks, and even better, many of these experiences are personalized because providers can tap into historical data and serve up offers that they know we'll want. User expectation is that this level of service should be available in all interactions, and if you can't provide it, someone else will. Open banking is the key that unlocks that experience for your members.

It'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.

The greatest differentiator for a credit union versus a bank is the connection, the personal touch, the fabled "credit union difference." A credit union is a local business, invested in the community and its people. In return, its members are invested in the credit union, too. They feel recognized when they come in, like Norm walking into Cheers. But, as people are trying to limit in-person contact, branch visits are down dramatically. And those members that do come in expect to receive service that aligns with their expectations of high-touch personalization. So, how can a credit union create that personal connection with or without actually being in person? By leveraging the right technology.

The needs and expectations of credit union memberships have evolved faster in the last 10 to 20 years than ever before. As a result, the evolution of core processing system capabilities and architecture has had to accelerate as well. In order to stay competitive and keep members happy, credit unions should utilize a core that can not only keep up, but stay ahead. Here are two approaches to help ensure your core technology has the agility and adaptability it will need to support your credit union growth.

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.

Credit unions are accustomed to a world where multiple vendor relationships are needed to achieve their business goals. Building the right offering of services for member's specific needs is necessary. But, an all-in-one solution hasn't always been in the cards - either the technology wasn't there or it was cost-prohibitive. Today, credit unions have options to bring core processing, loan origination, online banking, collections, and more all under a single vendor to enhance the member experience without sacrificing quality.

Consider the evolution of how money is stored: First, it was put in a box in our home, then moved to a bank teller behind some bars, followed by storing it in huge vaults with giant doors and locking mechanisms, then into an ATM for easier access, and now it's just 0s and 1s transmitting through the internet. As times have changed, we've adapted to how we store and access our hard-earned dollars. People once demanded to know that their money was locked up safe but, as technology advanced with the internet and smartphones, we now want the ability to access and transfer it from wherever we are, whenever we want, however we want to. To keep up with the needs and expectations of credit unions and their members, core systems have had to evolve and adapt as well.

Remote access is no longer a nice-to-have, it's a must-have. Credit union members from all generations are increasingly smartphone reliant and the products and services available to them need to integrate into that world. Where remote deposit capture was once the sparkling gem of new tech, it's old hat now. Credit unions looking to provide their members even the most basic services need to offer remote and highly personalized banking services in order to stay competitive. Utilizing a modern, state-of-the-art core processor is the first step.

When credit unions build their annual strategy for the coming year, it's often focused on looking at last year's plan and tweaking it for the future, what systems or services can they get more legs from, what will they need to consider upgrading for the future? This year is different. This year has upended everything in one fell swoop: branches shut down, employees worked remotely, members lost jobs and income, the market demanded immediate options for contactless payments and transactions. While many felt this year has been a setback, we see this year as a great opportunity to redefine the future.

In the closing months of 2019, there were several reports released that touted the current and projected growth of the peer-to-peer (P2P) payment solutions market. Solutions like Zelle, Apple Pay, and Venmo were overwhelmingly increasing in adoption by consumers. There were high expectations and we have no doubt they were accurate. But, in November of last year, we had no idea what 2020 had in store.