Members want it all ways. They want best-in-class, personalized and fast service in branch, and they prefer only to come inside the branch if they feel like it. If they are using DIY services, they want them to be user-friendly, intuitive, and efficient. New technology is flowing out all around us in everything we do, and it's reinventing the way we interact with the world and each other. If your credit union can't provide the services your members want today and tomorrow, they can find one that will with a few clicks of their smartphone. Don't let your core be the reason you can't keep up with the pace of innovation.

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.

The greatest differentiator for a credit union versus a bank is the connection, the personal touch, the fabled "credit union difference." A credit union is a local business, invested in the community and its people. In return, its members are invested in the credit union, too. They feel recognized when they come in, like Norm walking into Cheers. But, as people are trying to limit in-person contact, branch visits are down dramatically. And those members that do come in expect to receive service that aligns with their expectations of high-touch personalization. So, how can a credit union create that personal connection with or without actually being in person? By leveraging the right technology.

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.

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: