4 innovative ways credit unions have leveraged API in their game plan

When it comes to digital financial services, it’s game on. Today, credit unions of all sizes need a proactive, cohesive digital strategy that provides the right products, services, and best possible member experience.  More than just storing documents on the cloud, financial institutions need to digitize core processes and be better prepared for the future. Whether you are in the first quarter or the fourth, it’s necessary to work overtime to stay competitive. APIs can get you there.

According to the Digital Banking Report by The Financial Brand, “The importance of innovation and developing new solutions that take advantage of data, advanced analytics, digital technologies and new delivery platforms has never been more important.” APIs are very important in meeting these needs because they allow for faster development. They reduce the barriers to making changes and allow credit unions to enable more vendor integrations, enhancing member service and product offerings. Technology allows for more convenience and efficiency, while at the same time offering flexibility, which is a benefit to both credit unions and members. In addition, open banking APIs lead to expanding the ecosystem to include things beyond just financial services, which will fit a member’s lifestyle better. The institutions that provide the best experiences overall will win out. Here are 4 ways the leaders in the industry approach APIs:

Front-Line Experience

APIs aren’t just for your digital banking experience, but play a large role even in what is mistakenly perceived as the less-technical side of your business: in-branch banking. When a member is at the credit union to conduct business in-person, they generally want to be in and out as quickly as possible. The more efficient the member service representative can be, the better the experience for the member. Using APIs to bring multiple systems together into one platform means that the MSR can get information from multiple places such as checking balances, loan information, or credit card data with ease. The representative can also give better service as they have a broader look into the member’s full situation and can better meet their needs.

 

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