Top Tech Trends Impacting CUs

Synergent staff members Nick Chasse and Fred Barber recently connected with credit union leaders from throughout the northeast at the Great New England Credit Union Show in Boxborough, MA.

Nick and Fred also had the opportunity to share insight on the latest technology advancements, with the presentation, Top Technology Trends: The Latest Technology Impacting Credit Union Decision Makers.  In case you weren’t able to make it to the show, here are some presentation highlights! (Credit Union representatives from Massachusetts at the Synergent booth below.)

Great New England CU Show
  • According to CUNA, topics that are top of mind for CU leadership include Mobile Services, Online Banking Services, Leveraging Big Data to Enhance Member Value, and The Core: Central to an Evolving User Experience
  • Members’ high demand for advanced mobile service offerings puts a credit union’s mobile strategy ahead of its branch strategy in importance
  • Digital Wallets are an emerging trend – credit unions will want their members to reach for a credit union-branded digital wallet rather than one from another big technology provider, like Google
  • Members want more payment solutions, including easy P2P transactions
  • Members want online banking that includes custom dashboards and reporting, tools that create shortcuts for quick functions, and the ability to search for transactions with “Google” ease
  • “Big Data” is the key to marketing success – credit unions that are able to define which datasets that will have the most impact on crafting a great member experience and on the bottom line (ROI) will -succeed, have a competitive edge and increase their earnings
  • Omni-channel integration key to evolving member experience through the core processing platform.  This means:
    • Consistent experience across delivery channels
    • Full view of financial relationships across all channels
    • Ability to shift between channels at will
    • Ability to pick up an interaction where members left off
    • Real-time information across all user touch points
    • Using a service provider in conjunction with a strong core processor opens up more options for credit unions and their members, allowing credit unions to stay on top of these trends

To learn more about how the right service provider can help you meet these changing member needs, check out the PROTips Video, Building a Core Team.