The Impact of Technology on Small Credit Unions
Of course credit union software offers a competitive edge, but it also has no allegiances to scalability or scope. Credit unions of varying size have one thing in common – the means to adopt new, or improve existing technology. A credit union’s outlook on innovation shouldn’t be relative to asset size or membership, but rather on its ability to find a technology solution that works for them and meets their members' needs. Parterning with the right credit union software provider can help.
As the infographic below shows, credit union technology can intensify member growth, especially in the 7 areas considered "Strong Technology Options":
- Mobile Banking
- Remote Deposit Capture
- Electronic Signature Authentication
- Electronic Bill Pay
- Electronic Member Application
- Electronic Loan Application
- Electronic Share Account Application
Many small credit unions operate on antiquated core technology systems that inhibit, and even prevent new credit union software enhancements. As technology becomes faster, cheaper and more accessible, it should matter to small credit unions more now than ever before. Financial innovation has created new opportunities to transform credit unions. Finding the right fit somewhere along the continuum between being technology leaders and technology laggards will depend on how carefully credit unions choose their technology partner to guide them along the way.