man on laptop with API written on screen Source: Shutterstock

Faced with the rising threat of economic uncertainty, many credit union leaders are speculating on the best plan of action for managing their budgets. However, industry tech spending is not going anywhere. Recent Cornerstone research indicated that in 2023, only 7% of credit unions expect their IT spending to be lower than in 2022. With this tech spending, 87% of credit unions have launched a 2023 digital transformation strategy and 10% have plans to develop one as well – which means institutions that fail to innovate their technology risk falling behind and losing their competitive edge.

While investing in new technology can be expensive, it is important for credit unions to consider the long-term benefits of doing so. Reports from Deloitte revealed that greater digital maturity is associated with stronger revenue growth and efficiency. Despite looming economic concerns, APIs and IPaaS are a powerful, flexible and affordable use of tech spending for credit union leaders in 2023.

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