Choosing the right vendor for a credit union software

High member expectations and increasing competition in the financial market have become a tough call for credit unions these days. According to the Credit Union Innovation Study conducted in 2021, almost a quarter of all members of a credit union would prefer to move to alternative financial institutions if credit unions they cooperate with fail to innovate their services.

The problem is more than acute with younger generations who are more mobile and free in shifting from one financial services provider to another. Thus,  31% of bridge millennials and 30% of millennials describe themselves as being “very” or “extremely” likely to change their current credit union to gain access to more innovative services and products. The majority of credit union members admit that their credit unions fail to exploit online and mobile capabilities which are the key features they need.

The results of the study clearly demonstrate that digital transformation should be a top priority for many credit unions today.

Lately, at RNDPOINT we noticed that leaders among credit unions have already acknowledged the facts mentioned above. Some of them are making certain steps in partnering with the vendors of credit union software in an attempt to ensure better meeting members’ expectations and needs. And here another problem arises. How to choose a competent and experienced vendor for that? Here are some hints about what to look for in a vendor for credit union software to make successful innovation and ensure seamless end-to-end customer journeys.

Customer centricity and industry experience 

While choosing a software provider make sure it offers not generic all-purpose applications you have to adapt for your business. The digital solution should be built on the basis of technology specifically for consumer finance that can deliver much more than just common functions.

Purpose-built software which combines financial services industry experience with an intense customer focus ensures you the advantage over your competitors and allows launch products quickly, and deliver an exceptional member experience.

Unified approach

Another criterion is a support of a cohesive strategy across channels and products by your potential vendor.

You would be able to meet individual member preferences with a consistent experience for digital, phone, and branches. By using these channels, you provide your customers with a unified application experience across products ranging from deposit accounts and personal loans to vehicle loans.

The application of this approach makes your members feel comfortable and streamline your cross-sell process.

Flexible closing options

The digital solution from your digital partner should give your members the ability to close both in-person and completely remotely. It improves the consumer experience as well as your efficiency.

The tech that is more than digitalization

The Digital approach should not be limited only by the automation of paperwork. Application of digitization should deliver speed and accuracy through the automation of manual steps to remove delayed approvals and drawn-out closings.

User-friendly interface

To make your members satisfied with their credit union, you should make easy-to-use and convenient online banking capabilities one of the top priorities. Simplicity to connect financial data sources and complete tasks online can increase application completion rates.

Summing up

A wisely chosen credit union vendor helps credit unions deliver a smooth and seamless journey for their members, from application to close.

The individually tailored digital solution, backed by an easy-to-navigate, conversational interface guides users through the application in clear, easy-to-understand language and enables credit unions to offer a consistent look and feel across all products through any channels.

Borrowers can connect their bank accounts and payroll providers to supply accurate information that cuts down manual data entry, helping to ensure borrowers are providing the correct documentation.

All mentioned above helps credit unions create deeper relationships with their members by delivering superior services, making personalized offers, increasing productivity, and expanding market reach.