If you had to make a list of all the qualities that are essential to the success of a modern credit union, its technology stack would undoubtedly be right at the top.
In the modern era, there is a lot of competition in terms of credit unions (CUs). Not only do people have other, similar organizations to choose from, but your credit union also has to guarantee that it's offering a level of service that they can't find at a traditional financial institution. Technology is a big part of how your CU can do that in a fragmented, commoditized industry such as this one.
The Technology Stack of Today's Credit Unions: Breaking Things Down
These days, credit unions need a core system that can offer a number of key advantages, all at the exact same time. Obviously, security is a top priority. But the same is true of a foundation that allows organizations to offer more personalized services to members. They need omnichannel capabilities--you can't wait for someone to come to you, you need to take your message directly to them.
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Members also want a more connected experience than ever before--one that mimics the versatility and simplicity of organizations like Netflix, Uber, and even Amazon.
In no uncertain terms, your credit union's technology stack is how your CU can bring this vision into reality. It helps connect people with your organization across all devices that they might be using, regardless of whether you're talking about desktop computers, laptops, mobile phones, tablets, etc.
But we're also talking about something that isn't just outward-facing. Your CU need to leverage technology in a way that allows credit union staff members to automate important-yet-menial processes, freeing up their invaluable time so that they can focus on delivering a better level of service to whoever walks through the door.
A technology stack that offers a secure front-end experience that is focused on compliance--coupled with the APIs necessary to integrate with a lot of the current Fintech solutions your credit union is currently using--is a pivotal part of this digital transformation. Cutting-edge products need to come together to work as something more powerful as a collective than any one of them could be on their own. They need to facilitate the services that members are looking for--from real-time payments to generating up-sell and cross-sell opportunities for various life cycle products.
To put it another way, the stronger your CU's technology stack is, the less your credit union will have to worry about the IT side. At that point, your credit union can focus on what matters: hiring innovative people who use their unmatched expertise to constantly improve the experience you're offering to both members and employees alike. That in and of itself is the most important benefit of all, and it's why your credit union's technology stack cannot become an afterthought.
Don't Believe Us? Discover It For Yourself!
Industrial Federal Credit Union (from Lafayette, Indiana) tackled a lot of the challenges like those outlined above--with the added stress of the COVID-19 pandemic on top of it all--and came out with a modern technology stack that satisfied their needs. To find out more information, click below to read about their journey.
