CuneXus, the first and only digital storefront for financial institutions’ customers and members, and Compliance Systems, the financial industry’s leading provider of modern digital and dynamic compliance documentation, are collaborating to speak about trends and predictions that are shaping the future of financial services. The CUNA Mutual Group companies are available to share their insights on growth strategies and improving member/customer service.
Together, CuneXus and Compliance Systems are changing the digital banking experience for over tens of millions of end users. Major banking shifts they predict for 2022 include the following:
- No member or customer should be denied. Banks and credit unions have more than enough information on hand to know their customers and determine the products for which someone qualifies. The idea of an existing relationship being rejected for a loan should be archaic. Instead, personalized offers that underscore consumer needs can be offered through online banking – much like what Apple has done with its ‘one click’ application process for Apple Pay. This proactive approach keeps qualified borrowers perpetually approved for an array of personalized loan offers and mitigates the risk of them going elsewhere.
- Mobile makes deals easier with consolidated paperwork and contact-free experiences. Not all banking experiences can be one-click, but they all can be easy. The concept of a “document package” is evolving. Cloud-based compliance management and interconnected document content minimizes the user clicks needed to view and acknowledge content on any device, providing a more intuitive user experience without breaking the flow and excitement of a new deal. Connecting users to this modern HTML content brings documentation in line with the consumer experiences offered by Apple and Amazon. “The entire experience must be frictionless and tailored to fit the size of the consumers’ viewing screen,” explains Chris Appie, president, Compliance Systems.
- Banks and credit unions will do more to support financial wellness with open, more accessible information. Advanced data analytics can help more account holders thrive financially. For instance, integrating credit monitoring tools into online banking platforms gives end-users more control and visibility over their financial health. “This next level service elevates consumer transparency and awareness to new levels. Imagine a loan offer with a personalized note explaining how you can improve your credit, or how boosting your score by 50 points may lead to an even better rate,” commented Barry Kirby, senior vice president of CuneXus.
Similarly, offering consumers easy access to compliance information can help empower customers. This shift from the original process-heavy environment is a big advancement for open banking, giving consumers on demand visibility over their data and opening up new opportunities, such as understanding the stipulations of a line of credit.