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MonJa: Technological Solutions For Credit UnionsWhile credit unions have typically been slower at adopting new fintech solutions, this fact is changing. 2018 was a great year for financial innovation, with technology making processes faster, more productive, and more customer-friendly. Credit unions are increasingly recognizing the advantages of tech-driven lending solutions and are looking to deploy them in their own operations. For credit unions that are exploring tech solutions, the experience of online lenders is a great source of practical information. This article will identify tech trends driving the market, strategies proven to be successful by credit unions, and how tech solutions work to benefit the lending process and customers.

Focus On Integration

MonJa: Technological Solutions For Credit Unions

Fintech solutions are more aptly equipped for managing data and creating automated lending solutions. Why? Fintech solutions uniquely integrate products and processes, allowing for greater efficiency and connection with the consumer. There are benefits to both sides of the customer-institution equation:

Credit union loan originators and salespeople focus more on “what the customer is looking for” rather than “what we have to offer.”

Partnerships Are Critical

MonJa: Technological Solutions For Credit Unions

Current fintech trends point to the need for partnerships between credit unions and technology providers. For technology providers, partnering with a respected credit union encourages development by augmenting trust in their products. Likewise, credit unions are able to offer customers new and advanced products. Partnering with fintech providers offers two basic benefits to credit unions:

While tech solutions increase efficiency, greater attention must be placed on cyber security. Credit unions are taking proactive measures to safeguard customer data. Recent procedures include data tokenization, segmenting networks, and applying analytics to system user behavior. Furthermore, cloud-based solutions offer an added layer of data security. This helps to fill in the gaps in a credit union’s security coverage.

Innovating Processes And Customer Experience

MonJa: Technological Solutions For Credit Unions

According to a widely-cited study by McKinsey and Company, 65 percent of customers interact with their banks at least once a week through multiple channels. Interestingly, the study found that 60 percent of customers are also more likely to conduct business through branch visits. This implies that customer service in the traditional sense of human interaction is as important as ever. More importantly, this is one area where automated lending solutions can offer their biggest advantages:

Automation Allows A More Dedicated Focus On Customer Service

Through automation, credit unions can devote more of their resources to personal interaction with customers. As the McKinsey study indicated, this is precisely the sort of customer experience a majority of clients prefer, and what will keep them returning for new business.

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