When a new relationship begins, it's often the result of some shared interest, a commonality. To strengthen the relationship, you then take great care in learning about the other person - what they like to eat, where they like to travel, what movies they enjoy watching, etc. You develop a personal connection and familiarity that makes you feel close and known, bringing you comfort and happiness. Your member relationships are no different. Members come to your credit union because you have something in common, perhaps they are teachers and your credit union is for teachers. But, they stay because you spend the time to learn about them. It's that credit union difference. APIs can help your credit union build better member relationships than ever before.

Your members live in a modern world where they are reliant on technology and the internet. Technology has taught us that we can expect almost anything to happen instantly. Ordering lunch, getting a cab, texting a friend, selling stock, applying for a job... these can all be done in a few clicks, and even better, many of these experiences are personalized because providers can tap into historical data and serve up offers that they know we'll want. User expectation is that this level of service should be available in all interactions, and if you can't provide it, someone else will. Open banking is the key that unlocks that experience for your members.

It's a bird! It's a plane! It's the ability to give your members the power to control their financial fate with convenient access no matter where they are! While it may not be a super power you've heard of before, it is one that will give your credit union the ability to serve your members leaps and bounds ahead of others while staying competitive with powerhouse financial institutions. Here are a few of the super powers your credit union can gain by using a powerful core processor featuring an open application interface.

Consider the evolution of how money is stored: First, it was put in a box in our home, then moved to a bank teller behind some bars, followed by storing it in huge vaults with giant doors and locking mechanisms, then into an ATM for easier access, and now it's just 0s and 1s transmitting through the internet. As times have changed, we've adapted to how we store and access our hard-earned dollars. People once demanded to know that their money was locked up safe but, as technology advanced with the internet and smartphones, we now want the ability to access and transfer it from wherever we are, whenever we want, however we want to. To keep up with the needs and expectations of credit unions and their members, core systems have had to evolve and adapt as well.

Remote access is no longer a nice-to-have, it's a must-have. Credit union members from all generations are increasingly smartphone reliant and the products and services available to them need to integrate into that world. Where remote deposit capture was once the sparkling gem of new tech, it's old hat now. Credit unions looking to provide their members even the most basic services need to offer remote and highly personalized banking services in order to stay competitive. Utilizing a modern, state-of-the-art core processor is the first step.

Picture this: A man walks into a Gap store and his eyes are immediately scanned to identify him. The hologram in front of him then greets him by name and asks if he enjoyed the tank tops he recently purchased. If this sounds familiar, then you're most likely remembering this scene from the movie, Minority Report (which is based in the year 2054). When the movie came out in 2002, that scene seemed wildly futuristic, but in 2020, it feels like that encounter is just around the corner--a frictionless experience with the goal of every interaction being tailored to the user without any extra effort on their behalf. So where does the credit union user experience stand in relation to those futuristic portrayals? Some credit union onboarding services that once seemed space-aged are already available, while some are still on the someday list.

Systems integration could certainly be on the list of the top 10 buzz words for the 2010's. The economic giants - Apple, Amazon, Google - have all proven the philosophy works: Greater efficiency is achieved when tasks can be completed in integrated systems rather than in silos. Employees don't have to learn multiple programs, and customers enjoy frictionless shopping or searching through the process. Members have come to expect the same flexible and smart experience from their banking partner, where the processes are similar in desktop and mobile applications, and financial tasks no longer require a trip to the branch. Similarly, they want their member services to be just as seamless, meaning when a question or issue arises, MSR's - either over the phone, in a chat window, or in the branch - are armed with all the information needed to quickly address the member's concerns.

In this digitally competitive day and age, where everyone wants and expects an answer “yesterday,” being efficient is imperative. The mortgage market in particular has grown more and more crowded as home prices soar and interest rates continue to decline. In fact, Interest rates have been dropping since late 2018, recently dipping below 4% in June for a 30-year mortgage, the lowest in about two years. Leveraging your credit union's technology to streamline the loan decision-making process can reduce the turn-around time for the member's application, provide members answers quickly, and potentially be the difference in whether a new loan closes with your credit union or at another financial institution.

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.