3 keys to getting the most out of fintech

There should be no surprise that there’s so much talk about the sea change tech is having on credit unions. This isn’t the first time it has happened.

The underlying definition of technology is ‘the application of scientific knowledge for practical purposes, especially in industry.’

Technology is always sexy.

But the unyielding challenge is, how to monetize it.

And that’s especially true for credit unions where it’s crucial to leverage technology to benefit of your members as well as your institution.

This is why it pays to take a deep breath and separate out the tech available now from the tech that is still coming of age. For example, right now there are powerful data enrichment and engagement tools that can change how you prospect and engage with your members. There are also firms popping up like mushrooms after the rain with first generation artificial intelligence (AI) and machine learning (ML) products, for example.

The former is mature tool that can deliver real results and you can build into your sales and marketing platforms to enhance your current data. The latter has terrific potential but isn’t yet a mature enrichment platform.

Start with UX

What fintech gives us today is a new opportunity to change the way we talk to members. New advances in the user experience (UX) are what is driving a lot of the conversations in financial institutions today.

Just as the consumer has driven the UX in the digital retail sector, now the financial sector is undergoing a similar transition.

The challenge remains, as it does for every other technological watershed, to ensure that what you offer is more than just cool, but adds real value for your members and your marketers.

Monetizing Your Digital Investment

Make sure your digital platform can deliver 3 key components for your members.

1. Enriched data

Every CU already has tons of data. Making this data relevant and accessible both internally and for your members can be a game changer. As you develop your digital platform, make sure data enrichment is a central tenet. For your members, getting a snapshot of their total financial picture, where all their financial data can be aggregated, makes using that data convenient and approachable. For you, that data provides new insights to better customize offers for your members.

2. A comprehensive, secure platform

APIs, responsive tiles and SSO are key to a dynamic online experience for your members. Custom APIs are the backbone of a unique UX that makes interacting with your credit union as frictionless as possible. And responsive tiles are the visualization of that core. Responsive tiles also provide members with a fast way to see the information they want to see, without having to ‘build’ their experience every time. Plus, when you have these two assets working together, you have a powerful UX that is so light on the wire that it’s a pleasure for mobile users.

3. An easy, robust experience

Aggregating data from members’ accounts means you have created a one-stop shop for their financial needs. If they need to check if their security has been breached in their Wells Fargo mortgage account, they can see it from your site. And you can use Wells Fargo’s troubles as an opportunity to offer your member a compelling refinance offer.

All these features add to a high-touch individualized approach to working with your members. Ultimately this is the kind of transformative technology that reinforces the value of credit unions in first place – member-driven financial services for community members.

What’s more, once you build out a robust UX, all the shiny tech that is coming can be integrated into this and further leverage your opportunities.