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.

There will always be something better, newer and more exciting in the pipeline for technological enhancements in the world of finance.  With so many fintech companies in the marketplace - more than 2,000 fintech firms entered the market between 2008 and 2018, according to a Deloitte study- the options can be overwhelming. There’s a continual demand for new technology. This demand isn't just from millennials, but the general banking population as well, as their comfort level increases and new tech catches on. Unfortunately you may be struggling to meet these demands as an financial institution. You want your credit union to stay ahead of the competition by offering the latest and greatest in mobile and digital capabilities. But it's also equally important to keep abreast with what is on the horizon and be prepared when the time comes to implement these new services. Being up to date allows you to stay marketable and competitive by being exciting and attractive to new members.

The core system is the foundation of all credit union operations. However, one system or provider is not likely to last a credit union’s entire lifetime. As credit unions grow and change, their technology needs from a core provider might also change. And if their current provider isn't willing to grow with them, it might be time to start a core system review and consider alternatives. There are many factors to take into account when looking into core system providers, however, the best core platforms will have a few key features in common. When choosing the perfect core data processor for your credit union, ensure these four features are included.  

HMDA compliance has been looming over credit unions for many years. It was actually enacted by Congress in 1975 but wasn't transferred to the Consumer Financial Protection Bureau until 2011. The financial industry has been revamping their loan processes in order to ensure compliance with recent and more rigorous adjustments to the regulation, but what exactly does that entail? Here is the download on recent HMDA announcements and how your credit union can remain compliant.

The lack of core integration tends to bring stress and anxiety upon some credit union executives and IT staff. Core integration is often viewed as a competitive advantage for credit unions who want to offer the best products and services and is an opportunity for credit unions of all sizes. Core integration opens the door to new features and services that help attract new members and keep existing members happy. Here are a few key benefits that credit unions can gain from better core integration:

To date, credit unions have been faced with the choice of providing credit card processing in-house or outsourcing. Historically, only big credit unions ran in-house credit card processing. Smaller CUs shied away from credit card processing due to a variety of factors: It was expensive to do so in-house, and outsourcing was often difficult to integrate with the core. Furthermore, the rewards programs were not up to par with those of banks and larger FIs, which made them less desirable to members. Now, with increases in integration capabilities and decreases in cost, credit unions of all sizes are incorporating integrated processing capabilities. Here’s why credit unions big and small have opted for integrated credit card processing.

The process of switching financial institutions tends to be scary for members. Realizing your billing information is out of date can haunt a member, and getting hit with several months worth of delinquent bills is a fright. In the case of recurring payments, there will come a time when billing information needs to be updated, and unfortunately, updating it can be a nightmare. This may shock members because the whole reason they chose a recurring payment method is for convenience, and ironically, updates are anything but. If a credit union wants to be a member's primary financial institution, which most if not all do, updates to the recurring payment process should be easy. Here are some things to consider about recurring payments to avoid spooking your members.

Change has never been to known to be easy. In fact, there is an entire industry built around change management or the process of preparing your credit union's leaders, boards, employees, and members for organizational change. Change comes in many forms, from navigating a merger or acquisition, to the conversion of core technology on which your credit union relies. While the process of selecting a new core system can be exciting for management-level staff during the initial review process, stress extends throughout the organization during implementation of the new system. Here are tips to address these potential pitfalls before they derail your conversion: