While we have yet to encounter and clash for control with highly evolved and intelligent apes, technology is definitely making our planet smaller. We interact with friends and family across the country or the street with little or no effort. The ability to share information at any time of day or night has become second nature to us. Technological advances are around us everywhere in our daily lives - even our technology talks to each other - the IoT. It stands to reason that when it comes to our personal finances, another integral part of our lives, we would expect and want to have the latest technology available and be able to use it to its fullest extent.
Choosing the best core processor for your credit union is one of the most important decisions and investments a credit union can make. Smart credit union core providers will recognize the importance of being able to integrate new technologies and services swiftly and seamlessly, and will embrace the use of a robust Application Programming Interface, or API, for this reason. APIs allow credit unions to take advantage of new products and features that are developed outside their own core software and incorporate it into their existing technology. They can help to set you apart from your competition by allowing you to offer cutting-edge advancements to your members that others might not have, and to do so in a seamless manner. Many credit unions have found that working through APIs are efficient and allow them to take advantage of tech developments without using or depleting their own internal resources.
Through an API, credit unions can incorporate a variety of fintech advances many of which are used in mobile technology. Capabilities such as mobile banking apps, mobile lending and other 3rd party tools can easily be made available to members. APIs can also be used to integrate tools used for personal finance management, ATM location, Peer to Peer payments, among others. Some credit unions have even begun to offer enhanced security measures that incorporate biotechnology to better secure accounts and member information. Developments in these areas would unreasonable or outside the scope of many credit union's internal IT department and outside the realm of what could otherwise be offered to members without the use of APIs.
With the ever-changing face of technology and constant innovations, the ability to interface with and adopt new tech quickly will keep you competitive. Choose a core provider that recognizes APIs and is built on open architecture. This will keep your credit union relevant and able to offer members best-in-breed technologies.
You can learn more about the technical aspects of APIs by reading our additional blog, The ABCs of Credit Union APIs.