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Remaining Competitive In A Banking Market Filled With Disruption

Sustainable success requires continuous reinvention, adaptation, and a willingness to innovate.

The banking market is no stranger to disruption. Changing consumer behavior, the entrance of new payment providers, and, often, aging back-office solutions, means credit unions must innovate if they want to remain competitive. In addition to focusing on efficiency and member-services, institutions often must put equal consideration on refreshing aging infrastructure to keep pace with new channels, devices, and third-party disrupters.

A payments modernization strategy is multi-faceted and must extend across the credit union for maximum impact. Far gone are the days when each line of business operated in a silo. Instead, modern solutions streamline check processing workflows and enable omni-channel approaches with consistent member experiences.

These updated strategies and refreshed solutions enable credit unions to compete in today’s landscape, allowing members to bank when and how they want while also ensuring the institution is positioned for the future with a simple solution that offers lower overhead, scalability and flexibility through the cloud, and data consistency across all channels.

Isn’t it time you considered a modern approach to check processing?

Channel And Platform Consolidation With An API Approach

Overhead and staffing concerns are abundant today, so why maintain legacy solutions that require specialized teams, custom code, and heavy costs?

With many of these platforms aging, explore solutions that offer a standard infrastructure and an API approach. Simplify the check processing ecosystem and maximize internal resources and investments with just one environment to maintain. Benefit from a faster time-to-market for new offerings and manage a common code base and single API across all channels while offering members a consistent UX regardless of where or when they bank.

Ensure Scalability And Innovation Potential With The Cloud

In addition to a centralized deployment mechanism, many aging solutions are installed on premise, making growth, upgrades, and maintenance a bit challenging.

By adopting an agile approach and leveraging the cloud, you’ll immediately gain access to an environment that scales quickly and exponentially, enabling your credit union to achieve business goals when it needs to increase volumes or add new users and locations. Ensuring your credit union can deploy features and services fast keeps you on the leading edge of innovation and positions you to compete with market disruptors and maintain your member-focused approach.

Eliminate Data Silos And Inconsistencies

A powerful tool for strategic decision-making, data utilization is often linked hand-in-hand with payments modernization.

Without a single database and reporting dashboard to aggregate your credit union’s data, you lack visibility and a true understanding of how each point-of-capture is performing. You also lack insights into member engagement such as feature adoptions, fraud stats, user journey insights, gaps in market adoption or education, and more. Leveraging data to better understand the needs of your members, and your credit union, is a key differentiator to better services and improved satisfaction rates.

Don’t be held back by staffing difficulties and the overhead required to maintain legacy solutions. Sustainable success requires continuous reinvention, adaptation, and a willingness to innovate and the time is now.

Alogent’s patent-pending platform, Unify, is a modern, cloud-based offering for banks and credit unions and is the only solution of its kind that universally addresses all payment channels within a financial institution by using a single API. The productivity and cost-savings results are tenfold for banks and credit unions as well as their customer and members.

Learn more in the e-book A Modern, Cloud-Based Approach To Payments.

<a” href=”https://info.alogent.com/unify-ebook-callahan” role=”button” target=”_blank”>DOWNLOAD EBOOK

Wendi Klein is the vice president of marketing and communication at Alogent.

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.
April 4, 2022

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