In the fast-paced world of banking, you can either change or get left behind. And far too often, credit unions have defaulted to the latter by failing to embrace the rapid pace of technological change. Instead, many credit unions have attempted to remain competitive by delivering world-class member service and valuable relationship-based banking.
For most credit unions, the problem isn't a desire to adopt technology, but the incessant pace of change means the latest innovations can quickly be deemed obsolete. To remain competitive, credit unions must be able to quickly adapt and implement technologies in an efficient manner. In other words, credit unions—at the very core—must be future-proofed. Here are a few key ways to do so.
Credit Unions Need Strong Core Processing Systems
Undoubtedly, the key to future-proofing your credit union is the core processing system. To successfully weather the rapid pace of change, your credit union's core software must be flexible, functional, and adaptable to respond to today's and tomorrow's technology advancements. At the same time, the core must have deeply embedded functionality and openness to deliver excellent user experiences. This is key because the coolest bells, whistles, and conveniences are useless if they are clumsy and unreliable. Simply put, your members will not tolerate it and deserve better.
The Core Is Only as Good as the Provider
When it comes to future-proofing your credit union, your core provider plays a pivotal role. As such, make sure you consider their back-end capabilities, as well as the provider's future potential. Consider these key questions:
- Does the core provider continually look to improve their tech and evolve the marketplace?
- Is the provider committed to making enhancements to the types and levels of services they provide?
Cloud-Based Credit Union Computing
Switching to a new core is inevitable for credit unions that want to remain competitive. And the future of core processing is in the cloud. From a strategic perspective, cloud-based credit union computing infuses exceptional agility in the most practical manner. For example, cloud-enabled core systems can allow credit unions to seamlessly enable digital payments, add a new innovative service or product, and host other new technologies as they become readily available.
With a focus on the efficiency rating of the credit union, cloud-based cores allow these implementations to occur faster, easier, and at a lower cost. Although no one can predict the future, cloud-based operations will empower your credit union to embrace what comes next.
Future-Proof Your Credit Union with Open APIs
Providing members with the latest and most advanced features can be expensive if you were to attempt to have those solutions custom-built. Instead, the best and most cost-efficient way to deliver cutting-edge technology without extensive cost is through integration. And your ability to integrate new technologies in a cost-efficient manner is directly related to your core processing system.
Because of this, make sure your core system supports ease of integration of multiple systems and products via open Application Programming Interface (APIs). As the number of fintech solutions continues to emerge, having a core that supports open APIs can properly position your credit union today and tomorrow.
Future-Proof Your Credit Union with FLEX Core Processing
No one knows what the future will hold, but most are certain innovation will be a cornerstone. Because of this, it's more important than ever to future-proof your credit union with the right core processing system and provider.