Matt Johnner, president and co-founder of BankLabs

As we think ahead to a new decade, credit unions are taking a deep look into their arsenal of technology, which has come to the forefront of emphasis to appease both financial institution and their customers. When prioritizing new technology from the lending side, what should credit unions look to incorporate?

Verticalization. Winning CU's will couple custom experiences with banking products tailored to member demographics.
Mobility. Lenders and borrowers no longer tied to a desk or just one location need to work on a system flexible and accessible on a smartphone or tablet. Robust technology helps both lenders and borrowers. Not only does going digital decrease cycle times, but also allows credit unions to take on more commercial loans without increasing headcount.
Automation. To help create a better experience, automation can auto-populate already-known information to help reduce cycle times and ensure accuracy.

Joe Salesky, CEO, CRMNEXT

2020 will be a year where digital innovation improves the blocking and tackling of credit union operations, delivering process management improvements that unlock savings and support efficient member servicing and growth.
Beyond using digital to provide self-service for members, credit unions have noted the critical role of implementing digital internally to streamline business processes.
Credit unions already manage account data well, though many lack visibility into work-in-process and leads. In 2020, many credit unions will begin the journey to organize/unify/transform sales and service information and processes, prioritizing areas for improvement and success measurement.
2020 will see further polarization between double-digit growth-focused credit unions and credit unions fearful of faster growth.
Proactive keep-in-touch engagement of members will expand in 2020, fueling both member-intelligence and business growth.

Julie Esser, chief experience officer, CULedger

Ten years ago, credit unions were on their way to growing their digital presence beyond having a web site and allowing their members to conduct transactions electronically. As the internet matured, so did the online crimes and the black market.

Instant Insights /

Fintech Experts Ponder the End of a Transformative Decade & Look Ahead

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