Legacy systems built around proprietary technology lack functionality credit unions need in today’s digital oriented, member-centric reality. Integrating innovate technology with the core optimizes interoperability, business, and member services across channels.
When a member wants to connect, it rests with the credit union and the core accounting system to provide consistent engagement whether in-person, call center, email, chat, text, online or mobile.
“All channels need to integrate to provide a unified member experience and ensure data integrity and a consistent user experience,” Todd Akin, manager, product integration at St. Petersburg, Fla.-based CUSO PSCU, said.
“We refer to the core as the single source of the truth with its access to real-time data, calculations, business logic, and the awareness of events and activities across all the channels,” Ted Bilke, president of core provider Symitar, a division of the Monett, Mo.-based Jack Henry & Associates, held.
With new, modular capabilities there is significant opportunities to improve efficiency, remove paper and replace manual processes, Ryon Packer, senior vice president, products, credit union solutions, Brookfield, Wis.-based Fiserv, explained. “Fundamentally, cores automate processes that allow credit unions to serve thousands of members per employee and to manage complex financial relationships.”
Trailblazing development is key to credit unions’ future. “We are losing more credit unions every year,” Xerex Bueno, chief technology officer at the Layton, Utah-based CUSO CUProdigy, said. “Part of it is we have yet to find a way to be really innovative in how we interact with our membership.”
Michelle Thorne CEO at the $187 billion West Jordan, Utah-based American United Federal Credit Union explained integration with the core provides a big advantage. “There’s a lot more opportunity to do things more cost effectively.”
To succeed it important that all channels integrate closely with the core. “There is a huge disconnect if you do not tie them together,” Christopher George, president/CEO of the $137 million, Canonsburg, Penn.-based CHROME Federal Credit Union, said.
An important issue for the Pennsylvania credit union is the user experience. “From a customer’s standpoint it is ridiculous to not have access to all your alerts or transactions in one place. Again, our current solution prohibits the end user to see everything. One third party app may let us but another is restricted by the core integration.”
Read more about integration with the core at credit unions in the March 15, 2017 print issue of CU Times.
