Core integrations are hurting credit unions

Core Integrations are the technical barrier that is hurting credit unions and their members. This is not just a bold statement but it is our reality. Credit unions now operate in a world multiple vendors (30+ vendors for most credit unions) requiring integration into core. Plus all of this third party data must be visible for a credit union to understand their business, member and processes.

Today these integrations are costing credit unions and their chosen vendors thousands upon thousands of dollars and are slowing down our speed to market.

This Technical barrier must go away.

The credit union reality today is our members can change financial institutions with a point and click. New vendor applications, products and services that our competition is launching are needed by credit unions if they want to keep members and to get them more engaged. We used to think our competition was the bank down the street, but today our competition is not a block away but a point and click away. To stay relevant credit unions are facing an integration crisis that has a direct member impact. They have to choose less than “best of breed” products and services because of this cost of integration or if they decide to choose the “best of breed”, they are put into development queues that are very long and costly.

continue reading »