Expert Insights from Jack Henry
Considering the current disruption happening across the industry and the challenges credit unions face, what is the need to modernize? And why now? To keep up with the rapidly changing demands of members, it’s important to balance urgency with due diligence in evaluating new and strategic tools that will support a modernization approach.
To be resilient in the marketplace of the future, there’s no better time to prioritize these efforts than today. If you’re unable to meet the shifting needs of modern members, you could lose market and wallet share. Savvy credit unions must have a comprehensive technology modernization strategy to effectively navigate today’s disruption and heightened competition.
Success in growing your credit union’s business and in advocating for the financial wellness of your members and communities also lies in how well you plan and execute a modern technology strategy. A strategy that can attract both members and businesses through a better digital front door experience, manage evolving financial crime and fraud risks, and enhance your competitive position.
Critical Considerations
As more credit unions increase their technology spend and focus on modernization efforts, it’s crucial to make the most of your technology investments. Adopting an incremental approach to modernization can be key to staying agile and achieving your credit union’s business goals now and in the future, but there are other factors to consider. Here are four critical considerations when you’re evaluating the quality, security, integration capabilities, and flexibility of a modern technology stack:
What’s your velocity and timeline for modernization? Every credit union’s modernization pace will be unique and will call for different milestones and adjustments based on the members and communities you serve.
Is your technology platform delivering access to secure data and insights? Understanding your members’ needs and delivering the right information at the right time through an omnichannel experience is the foundation of relationship banking.
Can your technology platform address heightened security threats and provide fraud mitigation? Reducing your data vulnerability, managing enterprise risk, and protecting your members and your reputation is more critical than ever.
Does your technology platform let you integrate quickly and easily? For your credit union’s ecosystem to be successful, your technology platform must be open to integration without barriers, financial or otherwise.
When you can combine a future-ready technology approach with an open platform, you can enhance operational efficiency, protect your credit union from cybersecurity threats and fraud, and deliver an exceptional member experience.
For more information on the four questions above and how to strategically position your credit union for future success, download our new eBook, which covers how to navigate your technology modernization journey.