Technology is continually transforming the financial services industry. But for credit unions, one thing has remained unchanged: The personalized, high-level member service that credit unions are known for is still expected and valued.
While traditional credit union values never go out of style, technology does. You must adapt to remain competitive in an evolving financial services landscape filled with big tech, fintechs, and other industry disruptors trying to woo your members away.
Fortunately, you have a huge advantage over these disruptive financial service companies. You have a personal relationship with your members. Your intimate knowledge of your members’ needs, challenges, and goals gives you a competitive edge.
Don’t Ignore Your Core
Technology modernization is the process of updating IT applications and infrastructure, either on your credit union’s premises or in the cloud, to enable delivery of digital applications and business strategies that make business practices more agile.
Credit unions looking to transform their core capabilities can choose from a myriad of options, including traditional enterprise core platform systems, next-generation cloud-based core platform systems, or software-as-a-service (SaaS) platforms.
To determine which is best, you must consider cost, flexibility, and speed to market. Establish your modernization profile based on the sustainability of your existing platform, your appetite for risk, and the complexity of your data strategy, among other factors.
Successfully transforming your core platform begins with choosing a technology provider to help navigate the process. The ideal provider should offer data warehousing and analysis applications and should have:
- Strong vendor management to facilitate open banking and allow integration with third-party solutions.
- A solid, reliable infrastructure for cloud computing and hardware hosting.
- Research and development resources to continually advance its offerings.
Jack Henry™, a financial technology company with a 46-year history of helping credit unions strengthen connections with their members, has a technology modernization strategy that checks all the boxes.
The company’s next-generation, cloud-native technology modernization strategy centers around a single, modern, open-banking platform that enables easy access to a broad ecosystem of high-grade capabilities and solutions — from Jack Henry and from industry-leading fintechs.
With Jack Henry’s banking platform, your credit union will be at the center of your members’ financial lives. You can:
- Build, customize, and evolve digital experiences and products.
- Offer access to leading-edge services and capabilities to create unique value that your big tech and fintech competitors can’t match.
- Provide personal service in moments of need and relevance, ensuring that you maintain your competitive advantage of service and trust in the digital age.
- Give your members greater visibility and control of their financial lives, empowering them to become wiser, more savvy stewards of their resources.
It’s Not Too Late To Start Your Transformation
Your core touches nearly every interaction you have with your members. It’s the heart of your personalized member service — and it’s the key to attracting and retaining new members and successfully competing with industry disruptors.
When you’re ready to begin your core transformation, Jack Henry can help. The company’s Symitar® core platform is an industry leader, with more credit unions on the Symitar platform than any other core. With Symitar’s integrated APIs, you can leverage an improved multichannel experience to increase operational efficiency, expand membership, and grow revenue.
And with Jack Henry’s member-centric core capabilities, you can focus on what matters most: improving the member experience across all channels to reach members in their moments of need.
Learn more about transforming your core to help you compete in today’s market at jackhenry.com.
