Credit union executives have a lot on their plates. Alongside the daily activities of keeping tabs on operations and budgets, overseeing personnel, and managing risk, there is one function that should not be ignored. An argument can be made that one of the most important roles is understanding how data and technology can, and should, drive decisions.
This is not breaking news by any means. We know we live in a world that needs to connect with consumers at multiple levels. A recent article from CUTimes quotes, “Mobile banking is a must-have. As it is presently defined, it is not a delighter and it does not help build the business, it helps support keeping the business.”
The article goes on to highlight that financial institutions are beyond just purchasing mobile apps. They are setting up platforms to integrate their products with their members.
Most credit unions and banks have transitioned service offerings to include mobile banking, internet banking, paperless office, and check-21 branch capture. Just offering these services is not enough though, the focus needs to be a plan that will create differentiation for credit unions. Why? Because in 2015, for the first time, the number of weekly mobile bankers exceeded weekly branch bankers. Members are turning to their electronic devices more than the branch and you need to be ready to keep their business by offering services they can use from anywhere at anytime.
Having access to credit union member information in real-time and the tools to make sense of the data is more critical than ever. As technology continues to quickly advance, credit unions must also consider that their core system is at the center of the technological applications they hope to offer. Ultimately, it is the credit union core system that will enable knowledge of member behavior and need.