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Open APIs Open New Opportunities In Uncertain Times

Credit unions can connect to innovative third-party apps easily to compete with big banks and excel in member service.

Application programing interfaces (APIs) are a useful tool for credit unions to streamline workflow, gather data, and offer faster ways to bring innovation.APIs connect siloed solutions, like data and back-end systems, to create a unified experience for the consumer. These seamless integrations allow both consumers and institutions to personalize and tailor a solution to fit their needs.

Open APIs are the foundation of Fusion Digital Banking, powered by Malauzai. We understand that no one company or fintech canmeet all of your or your members’ diverse needs. One-size-fits-all simply does not fit anymore. The days of bundling everything from your core provider are gone. However, partnering with best-of-breed providers, through open APIs,allows an individual institution to tailor a banking solution to fit the needs of their specific customer base.

Fusion Digital Banking uses open APIs to connect nimble fintechs and established providers into a single, easy-to-navigate banking solution. Your members are thrilled with the single application to fit their banking needs. At the same time, the bank isable to scale the technology to meet their growth.

As the banking market continues to consolidate, credit unions have a unique opportunity to stand out against the competition. Big banks are known for their large and pricey information technology departments. They are able to provide a multitudeof technologies and services. Yet, they lack the personal and community touch.

It is vital that credit unions have the opportunity to easily and effortlessly connect to, and implement, new features and functionality. Furthermore, it is equally important that institutions can scale their technology as the organization growsor the account holders’ needs evolve. As a cornerstone for open banking, open APIs allow credit unions to compete against the large, big banks with faster innovationthat is specific to the institutions’ needs.

In addition to knowing your account holder in branch, what if you could offer a specific product or digital solution set that is tailored to meet the unique needs of your diverse membership?

Ultimately, credit unions that survive and thrive in the era of digital will need to find a way to differentiate. Open APIs give access to more innovative specialties so that community banks can create a tailored experience, unique to the institutionand the individual account holder.

As a result, your account holders receive a more connected experience and a stronger relationship between their institution and third-party apps.

Empower your digital banking with the solutions and innovations that are right for your market. Discover some of the breakthrough thinking being done by Fusion Digital Banking, powered by Malauzai and Microsoft, to deliver the advantages of open banking, formerly only available to much larger institutions.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
May 18, 2020
CreditUnions.com
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