The eruption of the COVID-19 pandemic necessitated an abrupt shift in how our global economy and businesses needed to operate. In turn, consumer behavior and preferences experienced an even more rapid transformation, placing greater demand for innovation and versatility across industries; financial services was no exception.
A drop in brick-and-mortar establishments, and an increased demand for personalized solutions from new members added to a credit union’s need to evolve and meet the needs of increasing membership (+3.8 million members in 2020, Source: Credit Unions Trend Report, CUNA Mutual Group).
In the face of recent challenges and further developments, we are seeing a new era within the credit union industry: one of accelerated investment in digital solutions and commitment to furthering member engagement. VisiFI is an enthusiastic participant in this movement of technological innovation, taking our vision and building solutions that help our credit unions and their members thrive.
The credit unions that win today are the ones transforming their digital approach, using technology to further the member experience. The unique intersection of technology, innovation, business model evolution, and member expectations greatly contribute to faster digital transformation. Depending on a credit union’s level of digital maturity, this transformational journey may look different, yet grow consistently through collaboration and cooperation.
Credit unions must evolve quickly to compete with other FinTech and financial institutions adjusting to a market that requires agility, resiliency, and the ability to creatively respond to consumer behavior and preferences.
Credit unions have the willingness to collaborate. Through association and partnerships, credit unions can collectively invest in technology solutions, improve operations, maximize revenue, expedite digital strategy, and pursue innovative products and services that build a better future for members.
This added value of financial cooperation gives an edge to the credit union movement, enabling it to advance further, stay relevant, and transform challenges into interesting opportunities.
The development of intelligent, intuitive digital solutions is only as effective as the professionals who support it.
The Power of Knowledge
The knowledge of how credit unions operate is crucial. A team with subject-matter and operational expertise is the center of a transformational experience that enhances technology tools, improves back-end efficiencies, and delivers member-facing solutions. At VisiFI, we understand the credit union industry and bring our own expertise to help address the challenges facing credit unions.
The Value of Partnership
Credit unions generate the greatest value in meeting member demands and leverage the greatest opportunity through collaboration, a forward-thinking approach, and intelligent, innovative business standards.
VisiFI’s business model was built with this purpose in mind: a common strategic vision that supports the development of credit unions, and the delivery of an end-to-end technology platform that addresses all key business needs of these financial institutions.
The Inspiration of Advocacy
Serving the credit union industry as a CUSO is an important heritage we share with other advocacy organizations, such as CUNA or NACUSO. Being a part of the credit union movement from its beginning means that we are deeply rooted in an evolutionary landscape that drives business via synergistic collaboration with like-minded organizations, enabling us to build a better future for credit unions and their members alike.
To support credit union growth and industry, VisiFI has built and continues to fine-tune an original, end-to-end real-time technology platform. We leverage our industry knowledge, global experience, and partnerships with those engaged in the empowerment of the credit union community. Through our collaboration with like-minded organizations, credit unions are better able to recover margins and build financial strength, generate membership growth, and improve member experience.