In just a very few years, credit unions have become persuaded that they need to play in the technology arena. And a related reality is the spreading belief that “technology may allow smaller institutions to very successfully compete against much larger ones,” said Tony Rasmussen, a senior vice president at Mountain America Credit Union, a $3.3 billion cooperative in West Jordan, Utah.
Investing in the right technologies that bring the greatest value to credit unions and members alike is the key. Listen to technology vendors and just about every technology is a must have, but that simply is not so. Many are nice to have but must-haves they aren't, said experts.
“The technology initiatives that are getting approved are helping credit unions cut costs or bring in new revenue,” said Jack Vonder Heide, an Oak Brook, Ill., technology expert.
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