Credit unions have long been known for their member service... just part of The Credit Union Difference. They are sought out for this reason, with members desiring more than just a place to deposit their money. They may join initially because of an affiliation or a community connection but stay because of the service provided and relationships they establish. And while member services in-branch are still important in maintaining that connection, members also desire and expect to have modern digital banking conveniences available for quick transactions and financial flexibility.

Credit unions who utilize core technology that offers open architecture no doubt did their research and entered into a core provider partnership with their credit union's future in mind. In doing so, they set themselves up to offer members current fintech as soon as it becomes available. Using API (Application Program interface) technology, new third-party applications can easily interact with any credit union app to provide additional services, features and added conveniences. While inviting third-party technology to work and interact with your digital banking technology is a simple and expedient solution to boost your member offerings, is it safe? Is it smart to let them have access to your member’s accounts?

A core system and all its ancillary products will equip your credit union with the majority of the functionality you require. However, as new products and services become available, the core alone may not be enough to keep your credit union competitive with the largest financial institutions that compete for your members. Application programming interfaces (API) can bridge that gap, and provide access to new features that credit unions are seeking. Some CUs are skeptical of APIs for concerns of security but most would argue that the benefits outweigh the added risk. APIs allow developers to introduce more add-ons with features that may not be available with the core platform alone. Here’s why your credit union should open up to new possibilities through APIs.