To be in compliance with the increasing customer demand and to make the business operation smart and dynamic every industry is adopting advanced technologies. And credit union has not been left out of it. The cutting-edge technologies reimage the banking approach with improved operational efficiency, advanced automation, streamlined process, and actionable insights without disturbing the core value and operation of the credit unions. All these value-driven features are crucial for member retention and the long-term success of credit unions.
But the digital and technological implementation on the credit union banking sector is critical as it is glued with the responsibility of protecting sensitive customer data. It necessitates highly resilient infrastructure
Below are Five software that empowers credit union to attain operational excellence in their landscape.
Corelation’s keyStone is a dedicated credit union core software built to provide core processing solutions. KeyStone features an open architecture, intuitive display, person-centric display, and the most advancing programming tools available to ensure the smooth and safe connection of the core system of the credit union with any other platform they choose.
Fiserve is slated as a leading financial technology solution provider for credit unions. In 2021, 231 credit unions opted for the Fiserve core software service and witnessed best-in-class member experience. With cutting-edge technologies and innovation, Fiserve has excellent services to offer including building a secure mobile banking environment, creating modern account processing platforms, and credit and debit card issuer processing systems to make the union bank operation more organized, and automated.
Robotic process automation
Robotic process automation is one of the highly powerful and effective tools in the digital transformation of credit unions and banks. To be in current with the raising competition, the IT infrastructure of the credit unions has to be managed proactively and optimised continuously. RPAs are AI and ML enabled “bots” and are one of the most inclined tools to automate manual business. By introducing these bots we can eliminate the hours of work on repetitive procedures and reduce the processing cost.
Q2 is another platform designed to make the credit union future-ready with a streamlined digital workforce. Q2 is powered by the integration of multiple-solutions and back-office tools to enhance digital banking functionalities while also maintaining a close check on security and fraud alerts. With the implementation of this system, credit unions can augment their member experience and gain insights about their members through advanced analytics.
Symitar is another leading core data processor that connects the dot between advanced technology and credit union operations to meet the increasing customer demand in digitalization. With the trusted partners of 650 credit unions, Symitar is serving them to uncover new possibilities of value streams for their members. Be it online banking, information security or risk management, Symitar offers easy-to-use, fully integrated and customizable core processing system solutions.
The continuous evolution in digital technology is bringing reaping benefits for credit unions. Implementing the right technology and incorporating appropriate tools help the credit union banks to advance towards their strategic business goals.