...Now that you know your ABC’s.
When it comes to your credit union’s technology, by now you’ve realized how important it is to be forward thinking and position yourself to take advantage of any new technology that adds value to your members or staff. You want to be able to offer the newest fintech to your members with minimal effort and without having to overhaul your system or a pay third party to help manage it. In weighing your options, you successfully decided to use a core tech provider with open architecture and an open API (Application Programming Interface).
For a refresher on APIs, read “The ABCs of Credit Union APIs.”
With your investment in robust core technology comes the ability to offer your members those cutting-edge services they have been looking for, and a complete menu of financial capabilities. The smooth integration of third party offerings with your credit union technology allows you to provide a seamless member experience.
Think of all the ways your mobile app is used and what capabilities your app now offers: real-time balance inquiry, funds transfer between FIs/accounts, eStatements, loan applications, ATM map location, and more. APIs are available for an overwhelming number of capabilities, including setting up e-commerce websites, payment wallets, and interacting with social networks and email services. Among the most commonly used:
RDC- Remote Deposit Capture- using advanced image detection, checks can be deposited remotely with the snap of your camera shutter. APIs allow interfacing with your camera and your core technology to safely deposit your money.
Bill Pay- using your mobile app, members can pay a bill directly from their account. No need for a third party or secondary app.
Remote Controls for Cards- APIs offer the ability to control cards and protect members from potential fraud by being able to close or freeze a card with suspicious activity with the touch of a button.
API’s are also helping in providing security for your member’s on-line transactions and account information behind the scenes too. Some APIs can provide services such as detecting and cleaning malware/viruses, checking website reputation, help with fraud investigation, and bug and data bounty programs. A robust core processor and supportive tech provider is crucial in not only providing a good member experience but in protecting your member as well.
Over the past few years, most credit unions have embarked on understanding and utilizing APIs at a basic level. Just as technology doesn't stop improving, credit unions should not stop innovating. In order to compete in today's modern banking environment, CU's must constantly adapt. Integration of third party apps are constantly improving the member experience, and it is time to move beyond the ABCs of APIs and work with trusted vendors to offer a more mature and complete offering. Now that you know your API alphabet, see if your robust core processor with API capabilities doesn’t spell success for your credit union!
