In today's market, attractive rates and fees, innovative product platforms, rewards and incentives are all at the top of the list as consumers select their financial services providers. Large banks previously held a strong advantage due to name recognition, deep pockets and national advertising campaigns. However, well-publicized articles on high fees, hidden charges and other unfair practices created distrust of these large institutions which opens the door for credit unions to win over consumers with their member-friendly products and services.

Even though the door is open, converting consumers to members will require collaboration. Members want the convenience of 24/7 access to all their primary accounts, such as checking, savings, credit and prepaid cards and loans via phone, website apps and smartphone apps. By collaborating with others, credit unions can offer robust mobile and online banking products, which are in high demand for consumers of all ages, particularly those under 30. For young adults, online and mobile functionality is literally a game changer. They are willing to move to a new financial institution to obtain desired features.

Therefore, it's important for credit unions to find a partner that can deliver online, mobile and voice banking as well as online bill pay in one consolidated, full-service suite. Online bill payment should offer single sign-on and integration with other electronic banking applications. Credit unions need a platform that marries user-friendly features with a seamless integration among existing systems to minimize operational costs and requirements.