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A Financial Technology Solutions Platform to Shape the Future of the Credit Union Industry

Tools for Synching Business Operations with the Digital Era

 

We continue to revolutionize the way we do banking to meet the growing needs of our digital era. The current COVID-19 pandemic has certainly placed even greater pressure on technological capabilities (e.g., legacy cores, fragmented systems, old architecture debt), demanding an accelerated shift to address  our “new normal”. Such disruptions have created much faster changes than we anticipated, and traditional financial institutions are struggling to keep pace with this new world.

Consumers have requested seamless, more personalized services at every interaction, and traditional financial institutions must think and act fast to meet this growing demand. An army of FinTech startups are encroaching upon this evolving market, offering much faster, more agile, and customer-focused services while disposing of conventional financial services such as P2P, cards, and lending.

A recent survey on why consumers adopt FinTech solutions by Dealsunny reveals that about 44 percent of those who have adopted modern FinTech solutions have done so simply because of how easy it is to get started. All that a customer is required to do is enter an email address or download an application, and an account is created. “Long gone are the days of standing in a line at the bank and filling out piles of paperwork to access any type of financial service.”

 
 

“A new breed of financial technology (or fintech) companies is unbundling banks in the developed world. Startups are attacking all of the components of the traditional bank value proposition” ~ Jake Kendall


A real-time ecosystem for a credit union provides another unique advantage to build on. Although your members may not understand the difference, they will experience it. Your transition to a data-driven credit union will drive member interest, loyalty and streamline your operations to maximize profits; strengthening the overall health of your organization. 

 

The new digital consumer’s journey and the Credit Union industry

.The next-generation business and operating model for credit unions must align with a consumer’s journey.  Those who fully embrace digital transformation can achieve significant competitive advantages and respond much quicker to evolving customer expectations. However, most traditional credit unions face challenges in reaching this competitive edge due to older, legacy systems, inefficient operating processes, lack of varied product integration, and limited access to data and analytics. Therefore, credit unions are slower to respond to member demands and are struggling to fulfill their members’ evolving financial needs. While the all-important consumer relationships grow, careful consideration must also be given to the technology that is at the very foundation of the credit unions’ operations.

 

What if your credit union adopts a true end-to-end platform, provides value- added insights, and personal customer experiences?

Imagine how many more members you would be serving in your communities, and how many more products you would be delivering that matter most to your members and their families!

To succeed, credit unions must change their business strategy by adopting and effectively using modern end-to-end technology platforms while reinventing themselves and innovating and adapting their culture to embrace digital transformation. This changed approach will enable credit unions to continue to compete and grow value-added services for their dedicated membership.

Among the true benefits of embracing end-to-end technology platform:

  • Improved efficiencies: Leverage applications and increase agility through, a single operating system and platform.
  • Better member experience: Create a seamless digital experience by improving account and online loan application services.
  • Reduced delivery time of new solutions to market: Smart integrations and modern core platforms to enable operational proficiency across business line
 

Implementing and managing a complete, single-sourced credit union solution

At VisiFI, we have completed the shift to a comprehensive, real-time, end-to-end solution core technology platform to support our credit unions in fully obtaining a leading edge to successfully compete within the financial services industry.

Designed as a fully integrated end-to-end platform, with an open architecture to facilitate easy connection of your choice of solutions, whether VisiFi modular solutions or third-party products, VisiFI operating systems empower credit unions by offering true insight into financial institutions and member activity through a seamless “ecosystem” that supports growth and improves processes and customer engagement.

The results of disruption on traditional business models show a profoundly innovative, exciting journey into new business spaces, where VisiFI credit unions will be positioned for success as they gain greater relevancy and serve more members via cutting-edge technologies.

Let’s make our future a reality and race towards it!

 
 

Robin Kolvek
CEO, VisiFI