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.
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.
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.
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.
Balancing your bottom line while incorporating technologies through your core processing system's open API is a great way to optimize your member experience.