There are many challenges in the credit union industry, and balancing your technology commitments to successfully meet member demands is just one. Of course, credit unions want to offer best-of-breed technology to their members, but at what cost. Many credit unions settle with sub-par member services because they don't believe they have the resources to fund development. However, if your core system believes in open architecture and has an API, you can likely find a cost-effective way to offer your members the experience you want them to have.
A crucial aspect of meeting member's financial technology needs is to ensure your core processing system has an open architecture, allowing for the integration of new services and tools through a credit union API, especially when that option offers the most current technology and makes the most sense. The seamless integration of 3rd-party tools and technologies, such as TrueChecks or DocuSign, can streamline your member service and alleviate the need to develop such technologies in-house or fund outsourced development.
APIs are not a new technology. In fact, Application Programming Interfaces have been around since the 1960's. Of course, for many decades they were a term only known among the computer programming crowd. However, APIs are now commonly used at credit unions around the world. Many financial institutions leverage the open architecture of their credit union data processing system to integrate unique lending platforms such as CU Direct's CUDL 360 or Meridian Link and their loan origination solutions.
Along those lines, smartphone adoption is driving the need for increased mobile technology and is fundamentally changing the way members access credit union member services. With an API, financial institutions can leverage the open architecture to build upon or improve the services offered. Services such as billpay, remote deposit capture (RDC) and card on/off controls. Improved API technology now exists to better protect the member information while allowing for the safe and secure transmission of information through these interfaces, giving the member more options and a personalized experience.
While APIs are used increasingly across all industries, the success of your credit union technology ultimately comes back to your core processing system and how well it can integrate new technologies such as real-time card technology, mobile lending, auto-decisioning, e-Signatures, and a true paperless environment. Finding a way to balance your bottom line while incorporating technologies through your core processing system's open API is a great way to optimize your members experience. Learn more by downloading our Core System Efficiency eGuide: