Powered by Deda People

/

Always Building to Something Better

Vision and Technologies for Tomorrow’s Credit Union

 

The digital transformation of financial services is here, and the financial industry needs to adapt this reality. Depending on your view, responding to this shift in how consumers bank may present both challenges and opportunities.

  • Financial Technology (Fintech) providers are using their nimbleness and innovation as their main competitive advantage, but they lack the experience, business knowledge and trust of financial institutions like Credit Unions.
  • Member engagement will continue shifting towards digital solutions, requiring a hybrid (virtual and physical interaction) model, where the ability to present a personalized user experience within an impersonal member engagement will be critical.
  • The payment landscape in our industry is moving towards real time payments and, more specifically, towards a strong and seamless integration of payments systems within digital applications.
  • On the other hand, regulatory requirements are also going to have to adjust to this new way of banking. Credit Unions and their technology partners will need to navigate the balance between the production and supervision of financial activity - and their distribution using innovative channels.
 

This is already happening – with the COVID pandemic Credit Unions and their members were forced to accelerate their dependence through virtual banking – whether they were ready or not. Credit Unions who embrace this reality and choose the right technology partner, will not only serve their members better, but also have a distinct market advantage while the rest of the industry plays catch up.   

How you approach the Digital Revolution will determine whether it is a challenge or an opportunity.

VisiFI enables Credit Unions to move forward in being lean as FinTech’s, and solid, trustable, and inclusive as a Credit Union.

 

VisiFI’s strategy and approach evolved from past experiences of major market changes. As a Core provider for over 40 years, we have seen this before and we were one of the first companies to offer digital solutions to credit unions. We saw this coming many years ago and spent time listening to our customers and developing a proprietary platform that was flexible enough to adjust to the ever-changing demands.

Our digital methodology is founded on three key principles.

1. Get closer to the member: a digital Credit Union at their fingertips

.The ability to create digital environments to sustain the new way of serving member needs is at the core of VisiFI’s virtual strategy.  Our goal is to ensure that credit unions can generate membership growth and loyalty by creating a more “self-service” ecosystem for their members.  Whether they are sitting at the kitchen table or at a branch, the banking experience shouldn’t change, and members expect consistency regardless of how they choose to bank.   
Creating an impressive virtual branch experience is complex. It not only requires a technical platform that is flexible to adapt to growing demands, but it also needs to be self-serving, easy to use and flow in a manner that makes sense to the member and meets their needs. That is why VisiFI goes beyond a perception of member preferences and employs behavioral science research and techniques to design our applications with a flow that even the members might not have consider

2. The power of Digital financial transactions

VisiFI, as part of Dedagroup, works closely with other business that operate globally within Digital Payments, P2P and Cards services. Dedagroup’s acquisition of Juniper Payments – a payment services company whose solutions benefits over 3,000 U.S. Financial Institutions daily – was the first step. At the same time, the international team has brought the expertise in the digital payments and the card issuing services that Dedagroup started in Mexico through its company, Dedapay.

And tangible results show that we are on the right track. We recently worked with Public Service Credit Union to enhance their P2P digital payments solution with the aim of processing payments “same-day”, generating an immediate 37% increase of their P2P transactions. While, with North Alabama Educators Credit Union, we have ensured that their members can manage cards digitally and instantly, in total security, thus helping the Credit Union to expand their new members registration rate by 49%.

3. Being an omnichannel Credit Union: a unique real time holistic view on the business

On the other hand, we don’t forget a key competitive advantage for Credit Unions will reside in maintaining an omnichannel experience and holistic view of their business, across multiple products, processes, and service providers. Let’s add to that the importance of continuously monitoring members’ needs and ensuring they are addressed with a personalized approach. 

Our long-term architectural mantra is data accessibility and intelligence are key for helping Credit Unions both to design their strategy and to react quickly to the shifts in the market. And all that… needs to be in real-time, as was the case with a recent VisiFI  project with Peach State Federal Credit Union.

 

A win-win partnership approach based on an end-to-end platform.

As a result, VisiFI is delivering a unique set of integrated solutions – spanning from digital touchpoints, to digital payments management and to front office and back office processes – allowing us to partner with Credit Unions to support their digital transformation.

Our business model is built around these two strategic pillars – a strategic vision shared with Credit Unions to enable their growth and the delivery of an end-to-end technology platform that addresses the strategic business challenges of these financial institutions.

 

Human touch and financial strength to stand the test of time.

VisiFI is part of Deda Group, the IT branch of the Italian company Lillo Holding, which in 2019 registered $3.4 billion in revenues. Being part of Deda Group allows us to have the financial strength to ensure to the Credit Unions we are working with today that we will still be here tomorrow.

This strength allows us to invest the 20% of revenues in innovation, combining 25 years of experience in managing and developing an international team, digital solutions and core banking systems that facilitates open banking processes in Europe, Mexico, and the U.S.

All the challenges facing Credit Union ecosystem are in our minds and in our hearts; our long industry-specific experience, combined with a  CUSO rooted history, positions us to support Credit Unions, helping them improve operational efficiencies, implementing member-facing strategies, and keeping  pace with emerging market needs.

Creating a hub for growth with our clients, based on mutual empowerment, development of our platform is VisiFI’s approach to support opportunities triggered by digital transformation

 

Marcello De Angelis
General Manager International Business Dedagroup