Balancing technology commitments to meet member demands is a significant challenge in the credit union industry. Credit unions strive to offer best-of-breed technology to their members, but resource constraints often lead to sub-par member services. However, if your core system supports open architecture and has an API, you can likely find a cost-effective way to provide the desired member experience.
Importance of Open Architecture and APIs
Ensuring your core processing system has an open architecture is crucial. It allows for the integration of new services and tools through a credit union API, especially when the option offers the latest technology and makes sense for your institution.
Benefits of Open Architecture and APIs:
- Seamless Integration: Integrate third-party tools and technologies like TrueChecks or DocuSign to streamline member service.
- Cost-Effective Solutions: Alleviate the need for in-house development or outsourced development funding.
- Enhanced Member Experience: Provide members with more options and personalized experiences.
Leveraging APIs in the Credit Union Industry
APIs, or Application Programming Interfaces, have been around since the 1960s. While they were once a term known only to computer programmers, APIs are now widely used by credit unions globally.
Many financial institutions use the open architecture of their data processing systems to integrate unique lending platforms, such as Meridian Link's loan origination solution.
API Integration Examples:
- Mobile Technology: Smartphone adoption drives the need for increased mobile technology, changing how members access credit union services.
- Service Enhancements: Services such as bill pay, remote deposit capture (RDC), and card on/off controls can be improved with an API.
- Security: Improved API technology ensures the safe and secure transmission of information, protecting member data.
Optimizing Member Experience with Core System Integration
While APIs are increasingly used across all industries, the success of your credit union technology ultimately depends on your core processing system and its ability to integrate new technologies.
Technologies to Integrate:
- Real-Time Card Technology
- Mobile Lending
- Auto-Decisioning
- e-Signatures
- Paperless Environment
Balancing your bottom line while incorporating technologies through your core processing system's open API is a great way to optimize your member experience.
