Future-Proofing Your Credit Union Today … So You Can Be There for Your Members Tomorrow
Brynn Ammon, President of Credit Union Solutions
Jack Henry
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Your credit union plays a crucial role in your members' lives.
As a trusted financial partner, you strive to provide stability, support, and personalized service to your members. That’s why it’s so important that your credit union embraces future-ready financial technology that will help you innovate, compete, and grow.
That’s how you show up for your members today and in the future.
Embracing Change to Better Serve Your Members
The financial services industry is evolving rapidly, driven by advancements in technology and changes in consumer behavior.
To meet the evolving needs of your members, your credit union has to be agile and adaptable. This means embracing change, investing in new technologies, and adopting innovative business strategies.
Embracing change is more than a turn of phrase.
It requires a commitment to continuous learning and improvement, as well as a willingness to explore new ways of doing business. Staying ahead of the curve makes it so you can provide the services your members need, even as their expectations change.
Building Resilience to Support Your Members Through Challenges
Resilience is another key aspect of future-ready financial services.
You need to be able to withstand disruptions and challenges, ensuring you can continue to support your members in times of need. This requires a robust and flexible technology infrastructure, as well as a culture of innovation and collaboration.
By building resilience, you can know you’re there for your members when they need you most.
This includes investing in cybersecurity measures to protect against threats, as well as implementing strategies to mitigate risks and ensure business continuity. It’s about creating a safety net that allows your credit union to function smoothly, even when faced with unexpected challenges … like current market conditions that are rife with volatility, uncertainty, complexity, and ambiguity.
When facing the threats of a downward market on top of ecosystem disruption and consumer financial fragmentation, if your credit union is dealing with cumbersome legacy technology and poor service integration, you’re probably losing (or stand to lose) market and wallet share. Now is the time to remain steadfast in your focus on serving the needs of your users: people and businesses in your community.
Meeting Member Expectations for Personalized Service
Everyone today expects personalized, convenient, and secure everything – let alone financial services.
Being able to deliver on these expectations – providing your members with the services they need, when they need them – requires a deep understanding of member needs and preferences, as well as the ability to leverage data and analytics to drive decision-making.
Your ability to use data-driven insights to make members feel known, understood, and valued is key.
By investing in member-centric technologies and strategies to offer personalized experiences and by listening to their individual needs, you can foster trust and credibility that sets you apart.
Ensuring a Bright Future for Your Credit Union
Success – and the opportunity for business scale – lies in how you plan and when you execute a technology modernization strategy and roadmap that:
Attracts and engages members and businesses with a better digital front door experience.
Increases deposit acquisition.
Improves the account opening and lending experience.
Manages evolving financial crime and fraud risks.
Reduces your compliance risk.
Gives you the ability to monetize net new technology.
Connecting Possibilities
To ensure you remain relevant and valuable to your members in the future, you need to be proactive and strategic.
Jack Henry’s white paper, Are You Getting Left Behind in the Data Wars? presents findings from a survey of over 200 leaders in the financial industry and outlines critical considerations for your credit union's business strategy - including AI, automation, and open banking to power a modern tech stack.
To learn more about future-proofing your credit union and building a data strategy that fuels your technology ecosystem, download Are You Getting Left Behind in the Data Wars?
