For a long time in the banking industry, people felt that technology would be the death knell for the traditional bank branch. Online banking would be the end-all, be-all for consumers. That, thus far, has proven to be far from true.
As a matter of fact, 77% of Americans still prefer the branch for complex, lengthy transactions according to a research study conducted by Samsung. So, technology is nowhere near killing the bank branch. Financial technology is not a replacement; it should be leveraged to augment existing practices and improve operations and member service. It should alleviate some of the burden on staff to allow them to better serve your members.
We can help you add more loans to the books without processing more applications or adding to your personnel burden. Learn more here!
Investing in solutions that allow you to leverage member data across your credit union can do just that. Data warehousing means centralizing data from one or more sources so that it can be compared and analyzed for greater business insights, according to Informatica. So, multiple systems can feed information to the data warehouse to be leveraged by marketing, IT, risk management, loan officers – just about everyone in the credit union. Not only can leveraging this data internally benefit your business operations, it can benefit your members.
Fintech can transform your business: not only your offerings, but also providing experiences members will love – like a few seconds to turn around a car loan decision – or improving your internal operations.
Want to better mitigate risk while also saving time on your loan decisions?
Artificial intelligence is another buzzword flying around the credit union blogosphere. Many think it will be leveraged to make decisions that are currently made by humans. Maybe someday, but today’s applications help your loan officers make better and faster decisions. AI can be used to automate repetitive tasks, feed additional and more accurate information to decision makers, and help streamline your processes. AI won’t replace your people: it will make them better at what they do.
Your credit union is investing in new technologies and offering new ways for your members to interact with your financial institution. You recognize that leveraging technology solutions can make your credit union more efficient, improve the member experience and provide you with better data. Open Lending has done it here and are excited to share that technology, experience and data with your credit union to better serve your members.